The average price for a detached home in Toronto is now over a million dollars, according to February stats. That’s the AVERAGE.
High demand along with a shortage of listings drove prices up, so if you were thinking you could afford to buy a house? You can’t.
Maybe a condo for $369,000 or a townhouse for $507,000, but if you don’t like hearing your neighbours’ night terrors on the other side of the wall, a detached house will cost you a million bucks. Your life savings are gone just trying to make the down payment! The price for a modest home in Toronto hardly seems fair considering what you can get for a million dollars in other cities (via National Post).
(Photo courtesy of National Post)
Remember when a million dollars was a lot of money? It was the ultimate amount when you were a kid, there were songs about “if I had a million dollars” – people on Survivor are sleeping on the beach and eating beetle larvae for the chance to win a million dollars! They need a raise!
Mortgages, equity and amortization just remind you how boring it is to be a grown up. An exciting Thursday night is negotiating a better interest rate with your mortgage broker. And you’re going to need it if you want to buy a house in Toronto.
Toronto House Prices, Take It Easy.