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Homebuyers can find deals outside T.O.

Pickering offers the best bang for your buck if you’re looking formore space, according to a study by Coldwell Banker Terrequity Realty.

Pickering offers the best bang for your buck if you’re looking for more space, according to a study by Coldwell Banker Terrequity Realty.

A standard detached, four-bedroom, 2,200-square-foot home, the type favoured by move-up buyers, goes for $373,666. A comparable home in central Toronto would be $998,000 — three times as much, the study said.

While existing home prices have moved past last year’s peak levels, the same is not true for new home prices in Toronto which are still 0.5 per cent off from last September.

With little inventory in the market for new or existing homes, move-up buyers have had to look at alternatives in other neighborhoods in the GTA to get the most for their dollar.

After Central Toronto, the second most expensive move-up location was the Beach neighbourhood in the city’s east end. The average price for a four-bedroom home is $795,000. North York was in third place, with a move-up home costing $662,000.

The areas with the most affordable move-up homes were Scarborough, Mississauga and Brampton. Pickering was the most affordable.

 
 
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