Torontonians
have been moving into condos for the past few years, but there is barely enough material
or construction workers to keep up with the demand.
And the prices are getting higher, too. A report released by Royal LePage Real
Estate Services Ltd. shows that since 1995, condominium prices in Toronto have increased
by 37.7 per cent and prices for standard two-storey homes by 39.9 per cent.
Out of 15 Toronto neighbourhoods, the highest cost increases were
seen in Don Mills, Scarborough and Willowdale. The |
increasing
trend of Torontonians giving up their houses for condos is being blamed for increased
demand and skyrocketing costs.
Condo owners and the construction trade complain there aren't
enough workers to build condos fast enough. And even if there were, there isn't
enough cement, steel and trucks.
The board also says the average price for a condominium in
Toronto in 1999 was $157,379. The price jumped to $177,263 in November 2000.
(Metro) Thursday, January 4, 2001 |
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