By Katie Biermann and Paul Dolan | 02 December 2017 05:45:11The price of a new house in Canada’s Toronto area is now about twice as much as it was a year ago, as a new wave of buyers has flooded into the city and forced some builders to raise prices.
A survey by Realtor.com shows that the average price of detached houses in Toronto jumped 17 per cent in the last year to $2.6 million.
It’s the highest increase in five years.
It’s the first time the price of an entire home has increased over the last 12 months.
The average price in the Toronto area rose 5.5 per cent year-on-year to $3.9 million.
In Vancouver, the average rose 6.4 per cent to $1.9m.
In Calgary, it’s down 2.6 per cent.
In Vancouver, average prices for detached homes are up 2.9 per cent, the highest in five months.
In Toronto, average price increased 3.2 per cent over the year to about $2 million.
In Victoria, average homes are down 2 per cent and prices in Calgary are down 1.4%.
In Montreal, average home prices have been in decline for five years and the average home price is now $1 million.
It means that for the first nine months of 2017, prices are up by 3.3 per cent compared with the same period last year, according to the survey.
The survey showed that the most affordable city for new home construction is Vancouver with average prices of $1,400,000.
The most expensive city for newly built homes is the GTA with average home costs of $4,700,000, the survey found.