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Toronto Home Prices Surge in October, Undaunted by New Rules

  • Sales reach record as prices rise 21% from a year earlier
  • Trend set to continue as supply remains tight, board says
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Photographer: James MacDonald/Bloomberg

Toronto home sales rose to a record and prices surged in October, showing little effect so far from new government rules designed to bring stability to the market.

Sales in Canada’s biggest city rose 12 percent to 9,768 transactions from the same month a year earlier, while average prices jumped 21 percent to C$762,975 ($569,852), according to the Toronto Real Estate Board. The average price of a detached home was C$1,034,077, up 26 percent on the year. New listings rose 0.9 percent to 13,377 homes.