[URBAN NOTE] "GTA home prices jump 27.7 per cent in a year"
MacLean'sshares the Canadian Press' report on the accelerating speed of real estate price increases in Toronto.
The average price of homes sold in the Greater Toronto Area last month soared 27.7 per cent compared with a year ago, the city’s real estate board said Friday.
The number of properties sold rose 5.7 per cent from February 2016, even though last year was a leap year which added an extra day of sales, the Toronto Real Estate Board said.
“The listing supply crunch we are experiencing in the GTA has undoubtedly led to the double-digit home price increases we are now experiencing on a sustained basis, both in the low-rise and high-rise market segments,” Jason Mercer, TREB’s director of market analysis, said in a statement.
“Until we see a marked increase in the number of homes available for sale, expect very strong annual rates of price growth to continue.”
The average selling price in the Greater Toronto Area hit $875,983 in February, while in the City of Toronto it was $859,186, an increase of 19.2 per cent. The MLS home price composite benchmark price for all communities measured by TREB was $727,300, up 23.8 per cent.