Average Price of Single Home in Toronto increases by 13%
This concept, a shortage of listings, is what is being blamed for the steady rise of Toronto real estate prices. In fact, in April active listings were down 8.4%.
Here are the April numbers according to TREB:
- The average sale price of a detached home in the City of Toronto was$965,670.
- The average sale price of a semi is $702,332
- In the 905 –the average sale price was $645,179
You will recall my recent blog post that in the first half of April, according to TREB the average price of a single family detached home in Toronto was $1,012,172.00.
What or who is to blame for the shortage of supply.
Some people blame the double Land Transfer Tax. Others blame the fact that while the price of your current home has appreciated, so has the competition, so there is nowhere to move. The third theory is that frenzied purchasers are desperate to buy a home before they are “priced out” of the market. Likely, it’s a mix of all three. What is certain, is that real estate prices in Toronto continue to rise, and this summer will likely see a continued increase in prices.
Toronto is catching up to Vancouver, which has the highest real estate values in the Country.