For the last few months, Toronto’s residential housing market has showed no signs of cooling. It has gotten to the point where the average sale price has soared to a record 33 per cent from last year. The cost of a detached home in the downtown Toronto core is almost $1.6 million. Experts believe that it is solely due to the relationship between the demand for and supply of listings that is impacting this price growth.
Since the root of the problem is a shortage of housing inventory in the city, the Toronto Real Estate Board is discussing the idea of implementing a foreign buyers tax to curb prices, much like British Columbia imposed for Vancouver.
Source: Financial Post
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