Toronto house prices hit record high despite slowing sales
Toronto's real estate market is a hot topic these days. Everyone seems to be waiting for it to take a big big dip, but even though sales might have slowed down last month, prices don't seem to be dropping too much yet.
According to The Teranet-National Bank National Composite House Price Index, house prices in Toronto went up 3.6 percent in May 2017 compared to the month prior, which is apparently a record-breaking increase.
As the Globe and Mail writes, "The Teranet-National Bank index measures changes in public land registry prices of single-family homes that have been sold at least twice on record."
That's why its numbers tend to differ from TREB's data, which looks at the composite of all housing types. Both data sets, however, agreed that the number of sales in Toronto went down last month as more inventory hit the market.
Those waiting for surefire proof of a real estate cool down will have to remain patient for now.
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