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wolfstreet.com / by Wolf Richter /
Based on fundamentals? You gotta be kidding.
Residential property sales in Greater Toronto soared 17.7% year-over-year to 12,077 homes, according to the Toronto Real Estate Board (TREB). New listings jumped 15.2% to 17,052. Prices for all types of homes, based on the MLS Home Price Index Composite “Benchmark,” soared 28.6%. The “average” selling price soared 33.2%!
That average selling price of C$916,567 is up from C$688,011 a year ago. Over the past five years, it has doubled!
The heavenly manna was spread across the spectrum. For condos, the average price in Greater Toronto soared 33.1% to C$518,879; for townhouses it soared 32.9% to C$705,078; for semi-detached houses, 34.4% to C$858,202; and for detached houses, 33.4% to C$1,214,422.
Even the house price bubble in Beijing cannot compete with this sort of miracle; new house prices there increased only 22% year-over-year in February. And Sydney’s fabulous house price bubble just flat out pales compared to the spectacle transpiring in Toronto, with prices up only 19% in March.
The post Toronto House Price Bubble Goes Nuts appeared first on Silver For The People.
And because of the way money is created, high prices does amazing wonders at propping up the economy. Want a better economy? Build more housing and pray prices keep rising. Then you can say you need to build more to lower prices too, win win situation.