Toronto home prices are awfully high, and getting higher. This past April, for example, prices were up 10% year-over-year.
Detached home sales saw a 17 per cent spike across the GTA, with sales gains stronger (18.2 per cent) in the 905 regions than the City of Toronto (up 13.8 per cent.) The average price of a detached remained above $1 million in the 416 region, up 9.2 per cent year over year in April to $1,056,114. The average detached price was up 13.1 per cent in the 905 regions to $729,961.
Sales of semi-detached homes climbed by almost 15 per cent across the GTA and prices hit a new high of $727,875 (up 3.5 per cent) in the City of Toronto and $489,796 (up 10.5 per cent) in the 905 regions.
For years I've read and listened to economists claiming a housing correction in the GTA is imminent. This bubble has to burst, and every year someone predicts that is the year it'll happen. Every year comes and goes with housing prices rising.
A smart first-time home buyer would be wise to wait until the correction before entering the market, but is that so wise if the correction never comes? If detached home prices are up 17% this year, you'd have been far wiser to buy last year, unless your crystal ball works better than mine.
Is anyone out there waiting for the bubble to burst before buying a home in the GTA?