Toronto House Price Bubble Goes Nuts
Submitted by Wolf Richter of Wolf Street
Based on fundamentals? You gotta be kidding.
Residential property sales in Greater Toronto soared 17.7% year-over-year to 12,077 homes, according to the Toronto Real Estate Board (TREB). New listings jumped 15.2% to 17,052. Prices for all types of homes, based on the MLS Home Price Index Composite “Benchmark,” soared 28.6%. The “average” selling price soared 33.2%!
That average selling price of C$916,567 is up from C$688,011 a year ago. Over the past five years, it has doubled!