Real Estate News

Price Gap Between Toronto Houses, Condos Hit Record High

 

Price Gap Hit Record $251,000

(See Infograph at End of Video)
Click Here to Play Video

As you will see in the infograph at the end of the video, the price gap hit a record $251,000 as the average price of a low-rise home in the Toronto area hit $705,813, up 8 per cent from the year earlier, while the average price of a high-rise unit rose 4 per cent to $454,476.

The story is largely one of government policy, not low interest rates and easy credit. Provincial intensification and land-use policies have limited new development in the greenbelt around the Greater Toronto Area and encouraged more density, helping to drive up the price of new homes and increase the supply of new condos.

While much of the jump in condo development has been concentrated in the downtown Toronto core, the price gap between the two forms of housing has been spilling outward into suburbs like Mississauga and Vaughan, where detached homes can sell for as much as $1-million and a shortage of available land has also driven development toward high-rise projects.

If you have any questions about the market please contact me. In addition, if you've given any thought to moving or hear that any family, friends or work colleagues are. I am pleased to help. 

I would be happy to help you with your real estate needs.


I can be reached at:

905 272 3434

 

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