Toronto resale home prices scale new heights

In the east Toronto neighbourhood of Riverdale, a former working-class enclave spotted with Victorian homes, a standard two-storey house could be purchased for about $340,000 in the third quarter of last year. This year, it's $500,000, a dramatic 47 per cent increase, according to a survey by Royal Lepage Real Estate Services released yesterday. The quarterly study reveals some of the steepest price jumps in recent memory, particularly in older neighbourhoods that are not necessarily the most prestigious, but are established and welcoming to buyers looking to settle with young families.