Toronto area prices continued to climb steeply in May, averaging 16% above May of 2015. Prices have risen each year for the past 20 years, which might be some kind of a longevity record for a real estate boom. Prior to 1996, prices fell for 5 years following the bursting of a speculative bubble in the late 1980′s.The chart below shows year-by-year average prices in Toronto since 1996. There are four stages shown in this graph:From 1996 through 2007, prices rose smoothly and steadily, increasing by an average of about 6% per year.
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