The Toronto real estate market gets crazier and crazier – from the Canadian Press, April 5, 2017:
The Toronto area saw real estate prices soar again last month, with the average jumping 33.2 per cent from the same time last year.
The Toronto Real Estate Board says the average price in the area rose to $916,567 — up from $688,011 in March 2016.
Compared with February, the average price was up 4.6 per cent from $875,983.
At the high end of the range, the average price for detached houses in the Greater Toronto Area was $1.2 million in March — up 33.4 per cent from last year but about the same as in February.
The of number of transactions was up from last year, with residential sales volume rising 17.7 per cent to 12,077 units.
Condominium apartments and detached houses had the biggest increases in sales volume.
The MLS home price index, which adjusts for the various types of properties sold, was up 28.6 per cent from a year ago.
It appears that British Columbia’s foreign ownership tax has accelerated the movement of foreign money to Toronto. This is a classic case of the Law of Unintended Consequences.
If our elected officials fail to take immediate action, Toronto will be a playground solely for the benefit of the Global 1 Percent, with Toronto natives forced to live outside the city and commute to it in order to order to serve them.