toronto housing market

Toronto is now Canada's hottest real estate market

Toronto and Vancouver are two of Canada's biggest cities, and also the countries two hottest real estate markets. But according to an economist at TD Bank, the Toronto market is now out-scorching Vancouver's.

As TD Bank's Diana Petramala says in the Globe and Mail, the average price of a home in Toronto is up 18 per cent since last year and we hit record sales in August. "Toronto's appreciation in average home prices since early 2015 has now exceeded Vancouver's," she writes.

Thanks in part to a new land-transfer tax on non-resident buyers, she notes, housing prices in Vancouver a beginning to drop a bit.

But Toronto's are staying strong, for now. However, she says that we can't expect this trend to last forever. Our red hot market might start to cool some time next year when currently under-construction projects increase the city's real estate supply and mortgage rates are adjusted following longer term bond yields in U.S. markets.

Photo by Nick Kernick in the blogTO Flickr pool.


Join the conversation Load comments

Latest in City

What the suburbs used to look like around Toronto

Sold! Stunning mansion snatched up for $5 million

The CNE has canceled its most popular day

What a $10 million log cabin in Muskoka looks like

Huge crowds line up for cheap books in Toronto

People are still loving Drake's pro-Canada billboard in LA

Condo of the week: 552 Wellington Street West

Toronto's getting a new boutique hotel