Average price of single homes jumps 13% in Toronto

The shortage in new listings is continuing to push the average price of homes up across the Greater Toronto Area.  Leading the way is the City of Toronto with the latest average price nearing the million dollar mark.

Below are a few notes on:

  • Average price of home in the GTA hits $577,898;
  • Sales up 1.8% across GTA;
  • Semi-detached homes led price growth across GTA up over April 2013:
    • 11.6% across GTA; and
    • 18% across City of Toronto to $702,332.
  • Detached homes saw significant growth as well:
    • 11.3% across GTA; and
    • 13.2% across city of Toronto.
  • Active listings for the first month of the spring market dropped by 8.4%
    • Te persistence of this problem is driving major price growth near transit stations and the downtown core.
  • Condo sales were up 3.2% with price growth in the City of Toronto at only 1.8%.

Click here to read this article from the Toronto Star.