Supply squeeze sends average price to $1.16 million
Houses spent an average of just 13 days on the market in October, down from 17 days a year earlier.
The imbalance adds urgency to the federal government’s efforts to address an affordability crisis that was sent into overdrive by the low interest rates and frenzy for bigger living spaces brought on by the COVID-19 pandemic. Prime Minister Justin Trudeau promised during a summer election campaign to ease the supply shortage by encouraging development of new units. But with most housing policy set by provincial and local governments, it will take some time before those efforts ease pressure on the market.Article content
“All three levels of government need to focus on supply,” Kevin Crigger, president of the Toronto real estate board, said in a statement accompanying the report. “The federal government has stated that collaboration with provinces and municipalities is required.” After reaching all-time highs in March, home sales in Toronto and nationwide cooled over the spring and summer. But with normal life resuming and economic growth starting to return amid Canada’s high vaccination rate, the market has come roaring back. In Toronto, the 9.9 per cent increase in deals from September was the biggest monthly gain in eight months, the report showed.
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