House prices in Toronto continue to soar

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So, you want to buy a house in Toronto? Good luck. Our local real estate market is still red hot as demand outweighs supply.

Last month, as the Toronto Real Estate Board reports, the average price of a house in Toronto went up 16.8 per cent since June 2015, rising from $682,489 to $775,400.

Year over year, prices were up across the board in June, including 20 per cent for detached homes, 16.4 per cent for semi-detached homes, 14.9 per cent for town homes and 7.7 per cent for condos.

While the number of sales increased by 7.5 per cent, new listings declined by 3.8 per cent. It's no wonder more young people are choosing to stay at home longer.