11 March 2014
According to Doug Porter, chief economist with Bank of Montreal, the recent report by Canada Mortgage and Housing Corp. shows significant growth in the number of row houses.
Everyone knows that when it comes to real estate, it’s all about the location, so detached homes in small towns will remain affordable. Meanwhile, large cities and even suburban areas can’t show the same.
Last month the average cost of a detached house in Toronto was $955,314, and in the suburban area you could buy it for $640,405.
In the same time, townhouses are considered to be more affordable. For example, in February the average price for a townhouse in Toronto was $545,043, in the suburbs it was as low as $400,165.