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Real Estate

Only 3,200 Homes Are Left on Toronto’s Market After Record Year

  • There’s little to buy as population swells and rates stay low
  • Average price was record C$1.1 million in 2021, an 18% rise
Homes in the St. Andrew-Windfields neighbourhood of Toronto, Ontario, Canada, on Monday, Dec. 6, 2021. The roots of Canada's housing dysfunction lie in provincial and city governments that don't have a strategy for dealing with the immigrant influx and are all too easily swayed by residents' groups opposing greater density.
Photographer: Cole Burston/Bloomberg
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Toronto, a city of more than 6.5 million people, has just 3,200 homes left for sale to start the year after a real-estate frenzy fueled by low interest rates drove the market to record levels.

More than 121,000 homes were sold in Canada’s biggest city in 2021, up 28% from the previous year and smashing the previous high set in 2016, according to data released Thursday by the Toronto Regional Real Estate Board.