According to an article released in the Toronto Star last week, the average house in the GTA is over $500,000.00, which is up 10.5% since last March. It is believed that this increase is a result of the continued low interest rates combined with a shortage of homes for sale, which is ultimately pushing prices upwards and fuelling bidding wars. As a result, prices are at an average of $504,117 across the GTA and are almost at $550,000 in the Toronto '416' regions. In the '905' areas, prices averaged at $477,006, up from $428,155 last March.
The spring house buying spree seems to have started early this year, and thus, it seems unlikely that these price escalations will let up anytime soon.
Source: The Toronto Star:http://www.moneyville.ca/article/1156500--toronto-real-estate-average-gta-house-over-500-000
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