According to the Royal LePage House Price Survey, house prices in Toronto are expected to increase by 9.6 per cent in 2015 compared to 2014.
The average price for a detached bungalow increased to $712,622 in the second quarter of this year, and two-storey homes hit an average price of $834,728. The average price for a condominium in Toronto reached $402,901.
“The robust national average home price increases that we have seen in the second quarter are heavily influenced by activity levels in Toronto and Vancouver,” said the president and chief executive officer of Royal LePage, Phil Soper. “The housing industry in both cities boasts a foundation of prosperous labor markets driving demand for housing that is in limit supply – above average price increases aren’t going away any time soon. Looking to Canada as a whole, 2015 is shaping up to be a record year for housing, despite the cloud of economic uncertainty caused by low oil prices and twitchy global economies.”
In addition, it’s expected that another interest rate cut by the Bank of Canada could push the Toronto Real Estate Market even further.
For more, check out this CBC article here.