Toronto’s housing market continued to bounce higher in October, with prices rising the most in almost two years amid dwindling supply.
“As market conditions in the GTA have steadily tightened throughout 2019, we have seen an acceleration in the annual rate of price growth,” said Jason Mercer, TREB’s chief market analyst. “We will likely see stronger price growth moving forward if sales growth continues to outpace listings growth, leading to more competition between home buyers.”
Toronto’s housing market has began bouncing back in recent months after almost two years of adjustment to higher taxes and tighter regulations to tame soaring prices and debt. At the same time, demand for homes continues to grow in Canada’s biggest city amid a supply crunch and lower interest rates. Vancouver home sales rose by 45 per cent in October compared to last year, though benchmark prices fell 6.4 per cent.