Toronto’s housing market entered the busy spring property season with a bang, as sales surged 17 per cent in April compared with a year earlier and prices also pushed higher.
The rise in sales is an another indication Canada’s biggest real estate market is stabilizing from a recent slump, though it’s off the dizzying heights of a few years ago. Toronto’s housing market cooled considerably last year as officials tightened mortgage regulations, imposed taxes on foreign buyers and took other measures designed to curb runaway prices — raising worries the steps had gone too far.
Catching Up“The strong year-over-year growth in sales is obviously a good news story and likely represents some catchup from a slow start to the year,” Garry Bhaura, TREB president, said in the statement.