Toronto Housing Market Report: House Prices Up 33%

Toronto Housing Market Report:  House Prices Up 33%

The surge in property prices in the Toronto area continued strongly last month, up 33.2% from the same period last year, a situation that Mayor John Tory described as “very disturbing “.

According to the Toronto Real Estate Board (TREB), the average price of homes and apartments in the region is now $ 916,567.

This is an increase of 4.6% in just one month, while February was already an exceptional month .

The annual rate of price growth continued to accelerate in March as sales surpassed the increase in properties for sale.

TREB

Sales were up 17.7% in March compared with the same period last year, according to TREB, which said growth was particularly strong in the condominium and single-family market.

The number of properties for sale had also increased in March (15.2%), but less markedly than sales.

Government intervention?

Toronto Mayor John Tory says something needs to be done.

We must keep alive the dream of becoming owner.

John Tory, Mayor of Toronto

In his view, it is necessary to stimulate the construction of homes and affordable housing. It calls on the federal government and the province to make a financial commitment.

Mayor Tory is also considering a tax on vacant housing in Toronto.

Ontario Finance Minister Charles Sousa promised steps in the next budget to slow down the market after Ottawa refused to intervene at this time. Minister Sousa did not give details.

For its part, TREB is pleased to see that elected officials have not rushed to adopt “unthinking” policies.

Increase in rents

The situation is also difficult for Toronto tenants. Some are forced to move because their landlord imposes an excessive rent increase.

Provincial Housing Minister Chris Ballard says measures will soon be put in place to mitigate this situation. “I am very open to extending rents control to properties built after 1991,” he says.

Currently, the maximum rent increase rate does not apply to these units.

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