As the real estate market in Toronto and the GTA continues to set new records for average home prices, it makes the idea of selling your home in Markham ever more inviting.
The average real estate selling price in the GTA rose about 10% between March 2014 and March 2015 to reach a record $613,933.
But what about your home? If the average price in the GTA is $613,933, what does that tell you about the price you could expect if you were to sell your home in Markham or elsewhere in York Region? Well, it doesn’t tell you very much.
About the only solid piece of information you can get from the average GTA prices is that, if they are doing well, then local Markham prices are doing well too.
While no one can tell you exactly what you price you will get for your house, there are a number of factors that you can use to get a better idea than just looking at average process for the region.
Location, Location, Location
You’ve heard it before and it is the single largest influence on the price of your home. Prices in the southern part of York Region, including Markham, Richmond Hill and Vaughan, tend to be higher than in most of the GTA.
The average Markham real estate price in March 2015 was $797,734, or about 30% higher than the GTA average. And that average price represents a 14% increase versus March 2014, so average prices in Markham rose at a higher rate than in the rest of the GTA.
Type of Home
The average real estate prices that you see quoted in the news are generally a composite price of all the different types of housing for sale in the region. Of course, fully detached homes will command a higher price than condominium apartments.
In March 2015, the average price of a detached house in Markham was $1,013,713, and the average price of a condominium apartment was $371,900.
There are many other factors that affect the price of your home, including its size, features and its proximity to schools, shopping, recreational facilities – everything and anything that makes it more attractive to prospective buyers.
To get a better idea of the value of your home, call the Stephen Tar Team at 888-299-8129, or Contact Us today.
Markham March 2015 = 797,734
Markham March 2014 = 695,998