Price gap widens between Toronto houses and condos
The difference in price between a new house and a new condo in the Toronto market has widened to almost $300,000. Figures from RealNet Canada and the Building Industry and Land Building Association, show that the average cost of a new house in the GTA in February was $733,578, up 12 per cent from a year earlier. Condo prices in the same period rose just 1 per cent to $442,672; and declined during the first two months of year. Land costs in Toronto have made high-end single family homes and developments with smaller condo units the most valuable for developers. Resale properties are showing a similar gap according to recent figures from the Toronto Real Estate Association with an 11 per cent rise in house prices while condo prices were flat.