Buy The House On The Other Side Of The Street And Save $200K

Posted By on Apr 15, 2014 | 0 comments

WithrowDo you like the Danforth?…Isn’t Withrow park beautiful?…How much more are willing to pay to say that you live in Withrow Park?

Withrow park is a lovely neighbourhood just south of Danforth and West of Pape with tree lined streets and well kept homes. You might recognize some of the local street names: Frizzell, Wroxter, Dingwall, Strathcona.

But what happens when you live on Frizzell BUT you are east of Pape?…You are no longer in Withrow park.

There are many areas in Toronto were once you cross the street you are in a different neighbourhood with different demographics and real estate values. Pape is one of those streets.

The average price of a semi-detached 3 bedroom house west of Pape(Withrow Park) is $833K. If you cross the street the same house would cost you $645K…That is almost a $200K difference!

…But wait!…It gets better…the average price of a Detached 3 bedroom house west of Pape is $1.1M, on the east side the average price for a similar detached is $833K…now we are talking almost $300K!!

You might wonder, why such a big difference? How can you justify spending almost $300K more to live across the street?…Could it be Prestige? Convenience? Schools?

Well, schools definitely have something to do with it. On the West side of Pape your kids will go to Frankland or Pape Jr, both rated 9 out of 10. If you live east of Pape, then your school is Blake street public rated 5 out of 10 :(

Withrow percentage2What if I tell you that average home prices in the pocket east of Pape have gone up about 51% over the last 5 years, while west of Pape have “only” increased by 36%?

Where would YOU buy?


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