Thursday, June 4, 2015

Toronto House Prices Hit Another Unbelievable Record

The Huffington Post Canada | By Daniel Tencer Posted: 06/03/2015

Canada’s economy may have been in the doldrums in the early months of this year, but you’d never know it looking at Toronto’s increasingly frenzied real estate market.

The price of a single-family home jumped by 18.2 per cent in the past year, according to new data from the city’s real estate board.

The average price for a standalone home in the city was $1,115,120 in May of this year, up from $943,055 a year earlier, the result of a worsening shortage of single-family homes in the city.

“Tight market conditions, especially for singles, semis and town homes in the GTA, have resulted in strong price growth,” said Jason Mercer, the Toronto Real Estate Board’s director of analysis.

Prices for Toronto condos also grew, albeit at a slower pace of 5.5 per cent over the past year. The average condo in the city now costs $422,947. The average price for all homes sold reached $718,350, up about 10.1 per cent in a year.

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