Average price of Toronto home rises above $600K
Hot on the heels of news that the average price for a detached home in Toronto surpassed the $1 million mark, another benchmark was hit last month when the average price of all homes climbed above $600K.
Yep, that would be the average sale price for all residential transactions in March (i.e. condos, townhomes, semi-detached, etc.). That's a bit scary if you don't currently own a home, but could be music to your ears if you're looking to sell.
According to the Toronto Real Estate Board, the $613,933 average price represents a 10 per cent increase over the course of a year (the figure was $557,684 in March 2014). In other words, it continues to be a seller's market in this city, and there aren't any signs that's going to change in the near future.
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