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Typical Toronto home costs $606,500

Home prices up 50 percent since 2005

Updated: Tuesday, 07 Feb 2012, 3:59 PM EST
Published : Tuesday, 07 Feb 2012, 3:59 PM EST

Nancy Sanders

TORONTO, ONT. (WIVB) - The average price of a home in Toronto has climbed to $606,500 or $100,000 more than the price for a similar home in the rest of the country.

The Toronto Star reports that the Canadian Real Estate Association has new system for tracking home and condo sales prices. It is aimed at giving buyers and sellers a more precise picture of what’s happening right in their neighborhoods.

The new figures mean that a Toronto home today would cost 50.3 per cent more than it would have in January, 2005.