Are you curious about the booming waterfront real estate market in the Greater Toronto Area?
You're not alone! A new report reveals that waterfront properties are significantly increasing in value.
In many GTA neighborhoods, waterfront listings command prices upwards of $300,000
more than their non-waterfront counterparts.
Last year, homes labeled waterfronts sold for over $100,000 more in eight neighborhoods.
However, don't assume that every waterfront listing actually sits on the water.
Some homes may simply offer stunning views or proximity to waterfront areas like downtown condos.
This report suggests waterfront homes usually come at a premium.
Some buyers are even willing to pay much more for the perfect waterfront property.
Yet market conditions and unique home attributes can sway prices significantly.
The highest price difference was in Roseland, where waterfront listings averaged $1,618,750,
$353,750 more than non-waterfront properties.
Birchcliffe followed, with an average of $1,369,000, a $303,500 hike from non-waterfront homes.
So, which neighborhoods topped the chart for waterfront prices?
The Halton region boasts four of the five most expensive areas,
with Eastlake leading at a median of $2,700,000.
This neighborhood frequently appears as a top site for underbidding due to many custom homes.
Conversely, the least expensive waterfront neighborhoods are found in downtown Toronto.
There, prices range from $632,000 to $655,000, often showing that listings with
waterfront actually fetch less than those without.
This may stem from unique unit qualities like bedroom counts and finishes.
In summary, the waterfront real estate market in the Greater Toronto Area is extensive and varied.
Whether you seek luxury or value, this market has something for everyone.
If you're interested in exploring more about waterfront properties,
reach out to Paul Indrigo, your Toronto GTA waterfront expert and host of the
Hash1-ranked Real Estate Podcast Show on Google, Apple Podcasts, Spotify, and more.