Options For Homes is a non-profit condo developer with a building called ‘The Humber‘ under construction at 10 Wilby Crescent in Weston. To say that they are bullish on Weston is a bit of an understatement but they have a history of choosing and building in ‘up and coming’ neighbourhoods, calling themselves urban pioneers. Here is their take on the Weston neighbourhood.
According to an article in the Globe and Mail, between the December quarters of 2014 and 2015, Toronto home prices increased by 9.04%. During that same period, the price of homes sold in the Weston M9N postal code jumped from an average of $367,045 in the quarter ending December 2014 to $464,958, a startling increase of 26.7%. The M6M code to the west which includes part of Mount Dennis has done even better with an average increase of 33.2%.
What does this mean? Weston and Mount Dennis are among the last few relatively affordable areas left in Toronto. Compared to the rest of the city, prices are low and people are desperate to get into the housing market. Homes are being snapped up before they become out of reach.
While the whipsawing stock market might make Westonians weep, the real estate market should provide some comfort. It seems like the rest of the GTA is starting to appreciate Weston as much as we do. In the most recent figures from the Toronto Real Estate Board, houses in Weston’s area, ‘W4’, appreciated dramatically.
The typical home in Weston’s area sold for $356,000, a whopping 14.5% increase over last year’s price. In Toronto, homes are typically more expensive ($475,717), but prices increased only half as much last year—though still at a breathtaking 7.4%.
The average price of a detached home in W4 was $449,856, and the median house was $425,000 (the prices differ because a few expensive houses bring the average price up.) Detached houses in the Weston area, then, are still among the least expensive in Toronto. The typical detached house in Toronto was $550,000.