The average price in Vancouver for a home is $1,030,000. Toronto just hit a record-high average of $730,472. And a million dollars — a sum that’s out of reach for most people — isn’t a guarantee of a sumptuous spread. Below, six recent million-dollar listings — and how their sales history shows the rapidly rising price of real estate in Canada’s two most-expensive cities.
394 Summerhill Ave., relisted this week at $999,900 (it was originally listed in November at $1,399,000)
This 2-bedroom, 1-bathroom home lands you in Rosedale, one of Toronto’s toniest neighbourhoods. It’s on a small, narrow lot literally backing onto the train tracks, but if you want access to a well-ranked elementary school (Whitney) or an income property, this is your ticket.
May 2003: $390,000
Nov. 2000: $299,000
104 Neptune, listed at $999,000
This brick property features three 2-bedroom suites and four parking spots. West of Bathurst, it sits right on the 401, but it’s in an easy-access locale so you’ll likely have no problem renting it out. “The market has changed significantly since 2011 for income properties as value has gone up and the cap rates [the net operating income generated by a property] have come down,” says realtor Marni Lokash. “However, owning the property itself is worth the value on its own, despite lower income potential not generating big returns from the get-go.”
Dec 2011: $530,000
May 2006: $388,000
Dec 2000: $265,000
#2905, 88 Park Lawn Road, listed at $974,900
This 3 + 1-bedroom, 3-bathroom apartment with 10’ ceilings, 2 balconies, 2 side-by-side parking spots and sweeping city views is a whopping 1,900 square feet. It’s a west location in Mimico (Etobicoke), but it’s got easy access to downtown (and you can’t find this much space for this price in the core).
1978 Nanaimo St., listed at $998,000
This 2-bedroom, 3-bathroom renovated 3-level home on the east side has North Shore mountain views and a basement mortgage-helper income suite in a market where no one really knows what’s in-store. “Last year at this time there was a lack of inventory and we saw a record winter and spring market,” says realtor Ruthie Shugarman. “We once again have a record low of inventory to start the year.”
Oct 2015: $818,000
Feb 2002: $197,800
5408 Main St., listed at $1,038,000
A heritage-style (crown mouldings! 9’ ceilings!) new build from 2010 with 3 bedrooms, 2 baths that also comes with hipster Main Street cred.
Aug 2015: $715,000
Jun 2010: $285,670
#220, 2890 Point Grey Rd., relisted at $949,000, after originally being listed at $969,000
Overlooking charming Tatlow Park and steps from Kitsilano beach, this circa-1956 2-bedroom, 1-bath Point Grey Road perch officially makes you a neighbour of Lululemon founder Chip Wilson, who resides a few doors down in the city’s most expensive property — valued at almost $76 million.
Feb 2007: $430,000