Every day you own a detached house in Toronto, your net worth rises by $550.
Or put another way, every day you delay buying a house in Toronto will cost you another $550.
The Toronto Real Estate Board (TREB) reported Wednesday that single-detached home prices hit an average of $1.258 million in April, up a massive 18.9 per cent in a year.
That breaks down to price growth of $16,820 per month, or roughly $550 per day.
That’s for single detached homes in the city itself. The average price for all home types in Greater Toronto rose by $104,000 in a year, to $739,082, up about 16.3 per cent in a year.
Condo owners aren’t seeing nearly the same rate of growth, though. Condo prices in the city rose 7 per cent, to $436,545, and in the suburban 905 region they rose 7.8 per cent, to $343,439.
So if you own a condo in Toronto, you’re seeing price growth of $2,411 per month, or “just” $79.26 per day.
Detached home owners can be forgiven for thinking they’ve won a real estate lottery.