is widening the gap between prices of houses and condos in the city.
A report from the Building Industry and Land Development Association shows that, while the average cost of a condo is much the same as last year, at $440,463, the cost of a low-rise home, including townhouses, detached and semi-detached houses rose by 16 per cent to $783,995 on average.
The gap between the high and low-rise properties is now $343,492, having risen $100,000 in the past year.
Bryan Tuckey, BILD’s president wrote: “As the price of ground-related housing continues to grow at a record pace, it’s becoming increasingly difficult for GTA
residents to afford a low-rise home.”
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
Investment Hot Spots:
Deux-Montagnes, East St. Paul, Five Islands, Cromer, Rockyford
The cost of land in