Million-Dollar Home Trend Extends to Toronto Districts
Added: (Mon Mar 13 2017)
Pressbox (Press Release) -
Kaiser Hoffman Capital reports Toronto property prices surge by more than 20 percent.
Toronto home prices surged by more than 20 percent last month for the sixth consecutive month as the number of properties for sale diminished, causing the price of a suburban house to reach the above million dollar mark for the first time ever.
The typical home in Toronto, including condos, detached houses and townhouses, rose 28 percent to C$875,983 in February from the previous year as functional listings were decreased by half to 5,400, according to a report by Kaiser Hoffman Capital.
In the suburbs, which incorporate the 905 area code, the typical detached home price tag increased by 35% from a year ago. This was the speediest growth of any property type in the city�s area.
�The Toronto property market is on fire right now,� said Henry Holt at Kaiser Hoffman Capital.
Toronto home prices continued on their path in spite of attempts to slow down the pace. In 2016 the government instituted a number of housing regulations such as limiting the mortgage insurance, raising the stress limits of loans for even the most secure mortgage applicants and doing away with a tax gap for foreign would be property purchasers.
The typical property cost in the urban areas is equal to approximately a decade of the average family�s income as opposed to 7.5 years 12 months ago. Prices are overvalued by around 60 percent on a ratio of price-income basis. It is improbable that the Bank of Canada will be hiking interest rates in the near future, there is risk in the fact that the country�s imports interest increase from America.
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