If a chill doesn't fall down your spine the second you hear the words Toronto's housing market, you either have a boatload of money or you like to live dangerously my friend. According to Bloomberg, Toronto's housing prices peaked this month for the first time in nearly two years despite a total lack of supply. As a result, the average price of all types of homes in the city is up 5.5 per cent from a year ago to $852,142.
Home prices in the Greater Toronto Area continue to rise, jumping in October by the highest rate in almost two years.
Gains for the Vancouver area followed a similar jump in September and mark the fourth month in a row of rising sales after significant declines at the start of the year.
"A strong regional economy obviously fuels population growth. All of these new households need a place to live and many have the goal of purchasing a home".
"We will likely see stronger price growth moving forward if sales growth continues to outpace listings growth, leading to more competition between home buyers".
Advertisment The number of homes listed for sale in the Greater Toronto Area (GTA) fell almost 20% in October as home sales in the city rose 14% year-over-year. Condo sales were up 40.5% with a benchmark price of $652,500. The board added that homebuyers have more confidence than in the first half of the year as prices edge down and interest rates remain low. Saudi Aramco's nine-month profit fell 18 per cent as lower oil prices eroded sales. At the same time, 8,491 properties were sold in the GTA in the month, a 14% increase from a year ago.
Real estate markets have seen a boost this year as fixed mortgage rates have fallen for much of the year after climbing for much of the past two years.