Eye-popping Calgary prices more than Toronto
Average cost of typical 2-storey home rockets 54.6%
Toronto real estate sales lag at 4.4% in moderating market
Excerpt from by Tony Wong - Toronto Star
In the east, things were much less frenzied as real estate agents reported fewer bidding wars, and even price reductions on some listings.”We’re moving to a more transitional summer real estate market in Toronto, so you’ll see volume dropping off from a great market to a good market, and certainly nothing like Alberta,” Lawby said.
House prices in Toronto increased by a solid but not spectacular 4.4% in the second quarter of 2006, compared to the same time last year, as the market continued to moderate, according to the LePage report. The average price of a standard two-storey home - the most sought-after type of Toronto property - rose to $474,766.
Meanwhile, a detached bungalow averaged $373,504, up 5.5%. Toronto condos showed the most appreciation, rising 6.7% to $256,178.
“We saw the market move from a seller’s market to a more balanced market at the end of the fourth quarter of last year, so buyers should be able to get a better shake,” Soper said.
Royal LePage is forecasting that the average price increase for all types of property in Toronto should be in the 5.6% range by the end of the year.
Century 21 is slightly more optimistic in its Toronto real estate forecast, which predicts price increases in the 6 to 7% range.
However, neither real estate firm is expecting sales in the Toronto area to break last year’s record.
Of the 23 Toronto neighbourhoods surveyed by LePage, Riverdale showed the highest year-over-year appreciation. A shortage of listings meant the standard two-storey home hit $350,000, up 14.8%.
Richmond Hill and Markham also had strong growth, with prices for a standard two-storey up 13.3% and 11.7% respectively.
Meanwhile, areas such as the Beach district and Cabbagetown, which have posted stellar appreciation, took a breather. In Cabbagetown, the two-storey was up only 1.9%; in the Beach, down 0.7%.
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