Steve Randall
Other
The cost of land in Toronto is widening the gap between prices of houses and condos in the city.
A report from the Building Industry and Land Development Association shows that, while the average cost of a condo is much the same as last year, at $440,463, the cost of a low-rise home, including townhouses, detached and semi-detached houses rose by 16 per cent to $783,995 on average.
The gap between the high and low-rise properties is now $343,492, having risen $100,000 in the past year.
Bryan Tuckey, BILD’s president wrote: “As the price of ground-related housing continues to grow at a record pace, it’s becoming increasingly difficult for GTA residents to afford a low-rise home.”
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