A survey of all the new house types found that the average price of new house in Toronto was $1.5 million.
In contrast, an average house in the suburbs was priced at $1 million.
The study also found that only one-third of new homes sold for less than $1-million.
The other three-quarters of homes sold were between $1 and $3-million, and only four-fifths of those were between two and five-million dollars.
Some of the new housing that has popped up in Toronto includes a detached home on a lake, and a one-bedroom condo on a beach.
The city’s median price for new condos in Toronto is now $1,521,500, down from $1:4.5-million last year.
In Toronto, there are four new luxury apartment buildings, which include the 10,000-square-foot “Chicagoland” condo at 416 Queen Street East and a three-bedroom, two-bathroom building at 575 Spadina Avenue West.
There is also a new four-storey tower at the former City Centre site at 951 King Street East, at 524 Spadine Avenue West, and at 901 Spadiner Avenue West with a total of 17 units.
The three-storeys are part of the Westin Hotel, which opened in 2014.
Another new building, the former Royal York Hotel at 915 Spadines, will be redeveloped as the new York Plaza Hotel, but has yet to be announced.
The new York Park Hotel will be a condominium tower with 34 apartments, and is set to open in 2021.
Toronto also has several new mixed-use buildings, including the City Centre tower, the Queen Elizabeth Hotel at 447 Spadins, the “City” development at 401 Spadinas, the Tower Hotel at 545 Spadiners, the new “Holloway” tower at 551 Spadin, the newly-opened “Downtown” development, and the “Museum of Art” building at 619 Spadinos.
There are also new condominiums and apartments under construction in the city, including “Grocery City” at 500 Spadino, and “Avenue of the Americas” at 585 Spadini.
“It’s very exciting to see the growth of the residential market,” said Mark Macdonald, president and CEO of the Real Estate Board of Greater Toronto.
“We’re seeing it from a pretty diverse range of market segments, including people from a wide variety of income levels, different socio-economic levels, and also diverse racial and ethnic groups.
There’s a lot of different neighbourhoods that are being built up.”
The new housing developments are part the city’s $1 billion capital plan that includes building new public transit lines, affordable housing, parks and parks, new transit services, and an economic development strategy to stimulate the city.
Toronto’s population grew by 8.5 per cent last year, to 1.9 million.
According to the report, the median house price in the GTA was $843,500 last year — down from more than $9 million a decade ago.
Toronto is also seeing a strong influx of first-time home buyers who are willing to pay a premium to buy a new home.
The number of new listings for condos in the Toronto market reached a record high in February, according to the Real Property Board of Ontario.
It’s up from just 2,500 in November 2015.
While there is still a lot to be done to attract more buyers to the market, it seems that there is a growing appetite among many to buy.
“There’s a growing demand for this kind of new home in the market,” Macdonald said.
For most people, the key is affordability, and that’s the thing we’ve been seeing in the last year or two.”