Toronto's real estate market is hotter than New York's right now
In today's daily dose of news about the red hot Toronto real estate market, a wide-ranging feature from Bloomberg reveals that Toronto's well outpacing some of the strongest US markets when it comes to rising prices.
Not so long ago, Vancouver was the country's hottest housing market, now Toronto has eclipsed its west coast counterpart and is making a case for the title of hottest market in North America.
We know that's the case when it comes to luxury homes, but it might also be true in more general terms these days. Consider the most recent housing market data from February, a month in which prices in the Toronto area increased by 28 per cent to an average of $875,983.
Using figures from the Zillow Group, Bloomberg notes that "the median price rose one per cent to $1.15 million in San Francisco in the 12 months through January and 8.9 per cent to $604,300 in Seattle."
Perhaps more surprising than these figures, however, is that while the average home in Manhattan is still significantly more expensive than Toronto at $1.25 million, prices have increased 18 per cent over this same 12 month period, which is well "below Toronto’s torrid pace."
And it doesn't show signs of letting up. For all the talk of a bubble that's been circulating of late, Bloomberg's report doesn't find many signs that it's about to burst.
Instead, the combination of low inventory, a quickly growing population in Southern Ontario, and the likelihood that interest rates will remain low all suggest that the Toronto real estate market could pick up even more steam.
Now that's a truly scary thought.
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