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 “.
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.
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.
Toronto Mayor John Tory says something needs to be done.
We must keep alive the dream of becoming owner.
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.
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.