North and south Pickering districts rank in top three in price appreciation
Feb 04, 2010 - 04:31 PM
By Kristen Calis
PICKERING -- Price appreciation for single-detached homes in Pickering went against the trend in the GTA last year, found a report by RE/MAX Ontario-Atlantic Canada.
The analysis compared single-detached housing values between 2008 and 2009 in 63 districts within the Toronto Real Estate Board, and found two Pickering areas were among a mere 16 per cent that saw gains of more than five per cent.
Twenty-seven per cent of the districts remained slightly off 2008 levels, and 57 per cent recorded gains of less than five per cent. No district reported double-digit increases.
Ranked first in the GTA, single-detached homes in south Pickering rose 9.4 per cent to $358,493, and homes in north Pickering were ranked third with values climbing 7.2 per cent to $396,973.
Single-detached homes in the Malvern, Hillside, Rouge district placed second with a 7.3-per cent increase to $368,095, and homes in Port Credit in Mississauga came in fourth by climbing seven per cent to $614,144.
Pickering Ward 2 Regional Councillor Bill McLean, also a RE/MAX First Realty agent, attributes Pickering's increasing values largely to supply and demand.
"They're selling a lot because there's not a lot of product," he said.
The low prices for Pickering homes compared to those in Toronto is a hot selling point as well.
"What you pay in Toronto for a 600- or 700-square-foot condo, you can get a whole house out here," he said.
He added people are starting to value Pickering's close proximity to Toronto and short commute via GO train or car for downtown workers.
Many people buying single-detached homes in south Pickering are first-time buyers, which is generally different from those in north Pickering, Coun. McLean said.
"A lot of the people are coming from Toronto," he said.
He attributes the main draws in the northern end to large lots, good schools and low crime rates.
He finds homes are sold within the first couple of weeks as long as they're priced right and feels the trend should stay the same.
"As long as the inflation stays in check, as long as the interest rates are the way they are, I think it's going to continue," he said.
Coun. McLean expects to see more action in the sellers' market before the harmonized sales tax comes into effect this summer, which will add an extra eight per cent onto commission fees.
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