BobBob
Senior Member
^ Looking at one property like that can greatly skew things. You can probably find properties that have grown even significantly more than that.
For one, Richmond/Sherborne is a "gentrifying" nabe, meaning it has become more desirable in the past few years relative to other areas of the city. Localized values in neighbourhoods that have improved overall will clearly show larger increases in value as their desirability grew.
For example, Liberty Village was a vacant post-industrial wasteland a mere few years ago, now it's a nice place to live. Without checking, I can assume that values there have grown far more than the average, as the area's desirability and livability has grown.
The same can be said for many newly developing "condo" areas, due to the fact that the influx of new development has brought in new money and new people, raising relative property values, etc.
For one, Richmond/Sherborne is a "gentrifying" nabe, meaning it has become more desirable in the past few years relative to other areas of the city. Localized values in neighbourhoods that have improved overall will clearly show larger increases in value as their desirability grew.
For example, Liberty Village was a vacant post-industrial wasteland a mere few years ago, now it's a nice place to live. Without checking, I can assume that values there have grown far more than the average, as the area's desirability and livability has grown.
The same can be said for many newly developing "condo" areas, due to the fact that the influx of new development has brought in new money and new people, raising relative property values, etc.