The rate of rising home prices in Canada’s largest city slowed slightly in May as a new tax on foreign buyers – one of 16 new measures meant to cool the country’s white-hot housing market – failed to cool the Toronto housing market despite a dramatic rise in new listings, Reuters reported, citing data from the Toronto Real Estate Board.
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!