Toronto Real Estate Prices Continue to Increase
Month after month, we keep hearing about Toronto Real Estate prices steady climb upwards.
Home sales in Toronto continues to climb. According to the data from Realnet Canada, total sales jumped 60% from last year, condominium sales were up 68%, and low rise homes are up 51%.
The price for detached homes increased by 19.2% in the past year. Condo prices were up only 0.2% to an average of $368,874.00. This does show the divergence between condominiums and detached homes. Despite the increase of sales and prices of single family homes, the supply is low for the increase of demand, and sales are actually below the 10 year average.
According to the Toronto Real Estate Board, it now costs over 1 million dollars to buy an average single family home. The precise number is $1,012,172.00.
My recent article looked at whether we are in a housing bubble. Click here to be redirected to that article.
What do you think will happen to prices in Toronto Real Estate?