The average price for a home in Toronto is now coming close to $1 million, showing that housing prices in the city have no sign of slowing down.
This was made clear through a TREBB monthly market figures report, which showed that the average sales price for a home in the GTA $910,000 dollars. This time last year, a house in Toronto cost a meagre $779,791.
All this reveals a 16.7 percent rise in housing prices over the course of a year.
More eyebrow-raising, however, is that these houses are not your bog-standard detached house in Forest Hills, but all types of homes—making affordability in Toronto a serious concern.
Even condos, for instance, now cost $722,675 on average, rising 18 percent from last year. As well as this, the average price for a detached house came to a stonking $1,485,304, making it nearly impossible to afford for ordinary Canadians.
These prices are so exorbitant that there may even be a risk of the Toronto housing market “over-heating.”