Toronto's housing market continues to sizzle, with midtown homes thriving the most, according to a new survey.
A Royal LePage report released Thursday says strong demand and a limited number of well-priced, quality listings led to "moderately rising, yet steady house price appreciation."
The most sought-after neighbourhoods are in central Toronto, where some prices are up as much as 15 per cent.
One example is a 70-year-old detached brick bungalow on Belsize Drive, near Bayview and Eglinton. It was listed at $519,000, but recently sold at $655,000 -- a whopping $136,000 higher than the asking price.
Royal LePage said rising property prices caused some wealthy buyers looking for homes in the $1-million range to be priced out of traditionally upscale neighbourhood in favour of areas such as Riverdale, High Park, Parkdale and the Annex.
The average bungalow in Toronto in the first quarter last year was priced at $366,979. This year that number increased 5.7 per cent to $387,744.
A two-storey home was priced at $467,742 last year. That's up 4.7 per cent to $489,889 this year.
The survey said the condominium market has also remained "a bright spot" in Toronto's housing market, with the increase of construction and high demand from buyers.
The average condominium was priced at $251,150 last year. That number increased 7.2 per cent to $269,210 this year.
The survey says Toronto should expect a record year, and real estate sales this spring could break previous records as they are already three per cent ahead of last year.
Real estate experts say the strong economy and relatively low interest rates continues to drive the hot housing market.
With a report from CTV's John Musselman
