Lorne Park homes were the hottest on the housing market in the GTA during the first half of this year, according to RE/MAX Ontario-Atlantic Canada.
Despite forecasters predictions of a cooling market this year, sales of single-detached homes, including those in Lorne Park, made a double-digit increase. The selling price of the average Lorne Park single-family home increased by over 13 per cent to $670,914.
David Ferrari, owner of RE/MAX Realty Enterprises Inc. in the Port Credit and Clarkson/Lorne Park areas, said the price is right at Mississauga's waterfront."The prices of homes in Lorne Park versus Toronto is a significant amount," said Ferrari. The realtor said the homes are selling to Toronto professionals, including doctors, lawyers and engineers who are migrating west.
"You can get a much larger, upscale home in Lorne Park than in the Toronto area and a lot more property."
Ferrari adds that the area has lots to offer, including easily accessible GO transit, a great small-town feeling with a scenic walk along the waterfront and plenty of redevelopment.
"At (Hwy) 10 and Lakeshore Rd., you have new development, new condominiums and townhouses and new stores," said Ferrari. "The area is being revitalized." He said demand for homes in the area will see house prices hike another three per cent within the next year.
Mississauga News Sept 3,08
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