Supply restrictions and relentless demand drove the average price of a detached bungalow in Toronto to $712,622 in the second quarter, a 12.9% year-over-year increase, while the price of a standard two-storey home in the city rose 11.6% to $834,728, according to Royal LePage. SVP Gino Romanese notes inventory is “very tight,” a situation unlikely to abate short-term. “Many homebuyers will delay until the Pan Am Games conclude and city traffic and congestion return to normal levels," he added. Royal LePage forecasts Toronto prices will rise over the next year by 9.6%, with increases across all categories.
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