Toronto Detached Home Prices Hit Record As Condo Gap Widens

John Manneh October 25, 2013

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As of Sept. 30, prices of new Toronto detached homes in the have hit a new record high of $804,330 on average.

If you aren’t set on buying a detached home, you could afford nearly two new condominium units for the same price.

Anyone looking to buy A Toronto detached home for that price would need to have save more than $200,000 for the down payment and have a household income of more $160,000.

The detached home, once the standard form of housing for young couples and growing families in the GTA, has become nearly impossible for most in this demographic to afford.

Even if would-be buyers have their financials in place, selection is slim, with less than 5,000 detached homes available for sale in builder sales centres across the GTA.

The limited supply of new single-family homes, and the corresponding increase in the supply of new condominiums on the market, has created a significant price gap between the different forms of housing.

The average price of a townhouse is $50,000 more than that of a semi-detached home, but the price of both these forms of new housing has been moving similarly upward over the past five years.

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