The average price of a detached home in the City of Toronto hit close to $1 million in April as the GTA continues to be plagued by a shortage of new listings, according to the Toronto Real Estate Board.
That shortage of homes for sale helped pushed prices up an average of more than 10 per cent from April of 2013. The average sale price of a home across the GTA hit $577,898 last month, according to figures from TREB.
Sales were up just 1.8 per cent, year over year.
Leading the real estate pack in terms of price growth were semi-detached houses. The average sale price across the GTA was up 11.6 per cent over April 2013. The 18 per cent jump in prices just in the City of Toronto sent the average sale price of a semi to $702,332, according to the TREB figures.
Next in line in terms of price spikes were detached homes where prices were up 11.3 per cent — 13.2 per cent in the City of Toronto, where the average sale price of a detached in April was $965,670.
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