Toronto price gap between condos and houses widens

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Last year saw the gap between the cost of condos and houses in Toronto widen to a record high last year. While supply of new condos increased the demand for the limited stocks of detached houses saw buyers battling to make deals. Data from RealNet Canada and the Building Industry and Land Development Association shows that average house prices (including townhouses) rose to $705,814 last year, up 8 per cent from the year before; condos averaged $454,476, up 4 per cent. In December the gap between the average cost of a house and a condo reached a record high of 16 per cent, more than $251,000. George Carras of RealNet told The Globe and Mail that “Living in a ground-oriented home is really becoming further and further out of reach.” Read the full story.

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