Average cost of GTA home now over $1,000,000

By Liny Lamberink

For the first time ever, detached homes in the GTA have tipped the scales with an average price tag over $1,000,000.

The Building Industry & Land Development’s (BILD) official source for new-home market intelligence said as of March 31, the average price of a detached home is $1,045,659.

That’s up 21 per cent in the past year and more than double the average from a decade ago.

Last year, detached homes in the GTA cost, on average, $861,848. In 2006 that number was $439,294.

“The demand for detached homes is far outpacing supply as the GTA’s population continues to grow,” said BILD president and CEO Bryan Tuckey. “Our region has record-low levels of new detached homes available for sale, which drives up prices and reduces housing choice for consumers.”

Real estate agent Mark Richards of Richards Group said houses in downtown Toronto are selling for between $200,000 -$300,000 more than the asking price. He notes that houses are still being priced competitively, but bidding wars are sending prices into “new heights.”

It comes down to supply and demand.

“The housing market is bone dry,” said Richards. “And the demand has never been stronger.”

Richard said he has even sold homes in Markham and Newmarket for $100,000 over asking price.

As of March 31 there were 1,634 new detached homes available for sale in the GTA, compared to the March 2006 when there were 11,149.

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