Friday, 17 January 2020
Real Estate

Toronto home prices forecast to continue shooting upward

Whether you’ve got your eye on a condo, a detached bungalow, a two-storey house, or anything else that requires a mortgage, you’d be ill-advised to wait around for it to get any cheaper.

Prices continue to rise across all home type categories in the City of Toronto — and fast. 

Royal LePage’s newest House Price Survey, released today, shows that the aggregate price of a home in the GTA increased 3.7 per cent, year-over-year, in the third quarter of 2019 to $858,443.

In Toronto specifically, aggregate prices rose by 6.2 per cent during the same time period, with a booming condo market once again driving the uptick.

Toronto condo prices increased by a whopping 9.2 per cent during Q3 of 2019, according to Royal LePage — faster than any other GTA city, save for Mississauga, which saw condo prices go up by 9.6 per cent on average over the time period surveyed.

As it stands now, the median price of a standard two-storey home in the City of Toronto is $1,308,641, while bungalows are going for $870,179.

The average Toronto condo is now sitting at $618,391 — a figure so high that some potential buyers would rather hold out for a house.

“The shrinking price gap between condominiums and detached properties in many areas of the GTA has encouraged some homebuyers to save for a bit longer and enter the market owning a bungalow or a two-storey home,” said Royal LePage Signature Realty president Chris Slightham in a release issued Thursday.

“We’ve also seen an increase in consumer confidence across the GTA partly because of the recent decline in the benchmark five-year interest rate, which has made single-family homes more attractive.”

Looking forward, analysts expect home prices to continue rising in Toronto across the board.

Royal LePage forecasts that the aggregate price of a home in the Greater Toronto will rise 3.1 per cent, year-over-year, next quarter to $859,301.

Start saving… is what you should have done 30 years ago.

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