Weston home prices leap 27%

Townhouse under construction on the old Beer Store site on Weston Road.
Townhomes under construction on the old Beer Store site on Weston Road. Units were priced from $399,900 and are all sold out.

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.