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Toronto home prices soar to record levels
The average price of a detached home in Toronto is now nearing 1 million dollars
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It sounds shocking, but the average price of a detached home in Toronto is now approaching one million dollars.

The Toronto Real Estate Board says the average price of a detached home in the city rose by 13% in the last year, ending in April.

It's now going to cost you more than 960 thousand dollars to jump into the market of detached homes.

If you're looking for a semi-detached, the news isn't much better, with the average price now north of 700 thousand dollars.

Jason Mercer from the Toronto Real Estate Board says the reason is simple: Supply and demand.

He says there's simply not enough houses for sale in the city, and for those that are, the prices are being driven up.

"More competition between buyers equals strong price growth." said Mercer.

So why are there fewer houses on the market?

One reason could be the second land transfer tax home buyers have to pay within the city limits in Toronto.

Mercer says with the new average price of a detached house in Toronto selling for 960 thousand dollars, the combined land transfer tax in Toronto would work out to be more than 30 thousand dollars.

"I mean that's a large sum of money up front when you're closing, that could be used to upgrade the home that you're in right now."

That's why, Mercer says, people are choosing to spruce up their current home, rather than move into something new.

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7 0

It sounds shocking, but the average price of a detached home in Toronto is now approaching one million dollars.

The Toronto Real Estate Board says the average price of a detached home in the city rose by 13% in the last year, ending in April.

It's now going to cost you more than 960 thousand dollars to jump into the market of detached homes.

If you're looking for a semi-detached, the news isn't much better, with the average price now north of 700 thousand dollars.

Jason Mercer from the Toronto Real Estate Board says the reason is simple: Supply and demand.

He says there's simply not enough houses for sale in the city, and for those that are, the prices are being driven up.

"More competition between buyers equals strong price growth." said Mercer.

So why are there fewer houses on the market?

One reason could be the second land transfer tax home buyers have to pay within the city limits in Toronto.

Mercer says with the new average price of a detached house in Toronto selling for 960 thousand dollars, the combined land transfer tax in Toronto would work out to be more than 30 thousand dollars.

"I mean that's a large sum of money up front when you're closing, that could be used to upgrade the home that you're in right now."

That's why, Mercer says, people are choosing to spruce up their current home, rather than move into something new.

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