Toronto Home Prices Rise 22% to Record With Supply Vanishing
- Average price hits C$1.16 million as detached homes jump 30%
- Active listings plunge; board laments ‘red tape’ for builders
This article is for subscribers only.
Toronto home prices rose to a record as a sharp decline in the number of properties coming up for sale stoked competition among buyers, leaving little prospect the market will cool soon.
The average price of a home sold in the Toronto region in November was was C$1.16 million (about $904,000), up 22% from last year. The number of new listings fell 13%, according to data released Friday by the Toronto Regional Real Estate board.