Toronto

Want a detached house in Toronto? You need $1.29M, according to latest numbers

Housing prices in the Toronto area continue to soar, with the average price in September rising 20.4 per cent to $755,755.

Despite high prices, lack of supply actually limiting growth in the city, Toronto Real Estate Board says

The average price of a detached home in Toronto has reached $1.29 million, according to the Toronto Real Estate Board. (Mark Blinch/Reuters)

Housing prices in the Toronto area continue to soar, with the average price in September rising 20.4 per cent to $755,755.

The number of sales also jumped 21.5 per cent, according to figures released this morning by the Toronto Real Estate Board.

It says there was strong sales growth for all major home types but a lack of supply limited growth in the City of Toronto itself.

Adjusting for price differences between types of housing, a benchmark price index was up 18 per cent from September 2015.

The average sale price for detached houses in Toronto proper rose to $1.29 million, up 23 per cent from a year earlier. The comparable price for detached houses in surrounding areas was $928,414, up 26.6 per cent.

By contrast, prices for condos in Toronto proper grew only 6.5 per cent to $446,729. Condo prices in other parts of the Greater Toronto Area were up 19.4 per cent to $367,260.

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