A little over one month ago, a house on Toronto’s west side sold for $1.8 million, one of the highest prices in Toronto.
On Wednesday, another home for sale was sold for an impressive $2.2 million, while the price for a two-bedroom home in the city’s west-end city of Vaughan was set at $2 million.
The price of homes for sale across the city hit a new record in 2017, according to a report from real estate analytics company RealtyTrac.
It also saw a massive increase in the number of homes that sold in the last three months of the year, according a report by Realtytrac.
The average price for the five-bedroom house in the neighbourhood of Marlow in the City of Toronto was $1,547,400, up from $1 in June 2017.
That house also had a market value of $1 million, up by more than $100,000.
The median price for homes in the same neighbourhood was $800,000, up 4.5 per cent over the same time period, and a median sale price of $847,000 for a three-bedroom detached house, up 14.3 per cent from the same period last year.
There were two more houses that sold for the same price on Wednesday, while another home was sold on Wednesday for $735,000 and another house sold on Thursday for $800.
The market for houses for sale had also seen a steep rise in the past year, up 7.4 per cent in just the first six months of 2017 compared to the same six months last year, Realty Trac said.
“With more and more people moving out of the city, and more and longer-term residents leaving the city to pursue jobs, this means there is a huge demand for homes,” said Tom Condon, CEO of RealtyTran.
“This is an area that is really under pressure and it has been for some time.”
“The city is in need of a renewed focus on residential and commercial real estate,” Condon said.
There are more than 10,000 listings in Toronto on RealtyTRan’s site.
The city is also seeing a rise in home sales and construction activity.
“The numbers are getting bigger and bigger.
We have had a lot of activity in the first half of 2017,” Corman said.