Toronto House Price Bubble Goes Nuts
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.
Source: http://silveristhenew.com/2017/04/05/toronto-house-price-bubble-goes-nuts/
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Whistler Blowers, Insiders
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.