If you are a homeowner in the city of Toronto you are likely feeling pretty good about your investment. A Royal LePage House Price Survey released Wednesday shows that standard two-storey homes in the city went up 8.3% in the second quarter of 2014 compared to the same time last year. The average price of a two-storey home in Toronto is now $730,806, while the average price of detached bungalows jumped 7.2% to $611,906. The average price of standard condominiums also jumped 5.4% to $380,453.
The company says the lack of supply for those seeking detached homes is driving up prices, and the shortage is unlikely to subside. Investors are helping to push up the price of condominiums in Toronto with many choosing to purchase condos as a long-term investment.
Nationally the average price of a home in Canada increased between 3.9% and 5.2% in the second quarter.
Royal LePage expects house prices in Toronto to rise by 8.1% by the end of this year compared to 2013.
Nationally, the average house price is expected to jump 5.1%.