I spent last weekend in Toronto and had a fabulous time. It was the first time that I have taken a vacation outside of Michigan since I became a Realtor, and I really wanted to learn about the real estate industry in Toronto.
I was lucky that there was a house for sale on the same street that I was staying- for over 2 million dollars! My hosts also informed me that the house I was staying in would sell for well over a million, and I was shocked. Their house would probably sell around $300,000-400,000 if it was located in a typical Ann Arbor neighborhood. Their house wasn't even that close to downtown- it was about a 20 minute drive with no traffic.
I also could not believe how small their lot was. They have a rotweiller that hardly has any room to walk around in their fenced in lot.
I think that my big surprise was that I always thought that the expensive homes with small lots were generally located in or near the downtowns of big cities. I do not know much about markets in large cities except for what I see on HGTV, the Style Network and Fine Living. Our main metropolitan area in Michigan is Detroit, which has had a lot of hard times. The real estate market there seems to be rebuilding though, as a lot of new condos and lofts are being built downtown.
Any insight on Canadian/Toronto real estate or any other big city real estate would be appreciated!
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