Home prices in Toronto, Canada’s largest city, have once again broken records, with the average home price surpassing one million Canadian dollars to reach an all-time high of $1,097,565.
This means that it is becoming increasingly difficult for working people to buy a home in the Greater Toronto Area with just their salary.
Statistics from the Toronto area real estate department show that in March of this year, compared to March of last year, housing sales jumped from 7,945 units to 15,652 units, an increase of 97%.
However, last March was an uncharacteristic plunge in real estate sales when non-essential economic activities began to shut down across Canada in the wake of the COVID-19 virus pneumonia outbreak.
Canadian real estate market experts point to historically ultra-low interest rates and public confidence in the economic recovery as the main reasons fueling the volume and price of the real estate market in many parts of Canada.
Some economic experts have again warned of a bubble in the Canadian real estate market, arguing that such expensive prices are beyond the ability of the average person to purchase a home and are unsustainable.
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