Yet another record month for the Toronto-area real estate market.
Good news if you’re selling, possibly downsizing, not what you want to hear if you’re looking to buy.
Despite already sky-high prices and new federal mortgage rules targeted at the country’s expensive markets, the Toronto-area set a record in May – nearly 13,000 homes sold.
An increase of 10.6% from a year earlier and prices were up about 15%.
The Toronto Real Estate Board says average price for a detached house in the city was $1.28-million last month while the average for all homes was just over $782,000 and in surrounding regions it’s almost $900,000.
According to new measures by the Bank of Nova Scotia, the rise in real home prices in Canada’s tops in the world, followed by Sweden, Colombia, Ireland, Britain, Australia, Mexico, the U.S. and Germany.