No Sign of Cooling in Toronto Market

Toronto area prices and sales once again registered all time highs in October. The average selling price across all areas and all property types was 21% higher than last October, the biggest year-over-year increase so far in 2016. Sales were also up strongly, more than 8% higher than last year.So far we have seen no indication that the new mortgage rules for high ratio mortgages, which took effect on October 17, are having any impact on the market. Perhaps this isn’t too surprising when we consider that the number of properties for sale in October was more than 30% lower than last October. Dramatically higher sales combined with dramatically lower numbers of homes offered for sale means that there is a huge surplus of buyers, and that any marginal fall-off due to the new mortgage rules is not likely to have a significant impact

Originally posted here:  

No Sign of Cooling in Toronto Market

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