The Toronto housing market is picking up steam at an “uncomfortable” magnitude, one that resembles the sky-high gains of 2016 which subsequently led to a slew of regulatory measures to tame markets, according to a new report from RBC Economics.
“It’s looking more and more like early-2016 all over again. This is not a good sign,” wrote RBC senior economist Robert Hogue.
According to recent data from the Toronto Real Estate Board, January saw the largest month-over-month price increase since October 2017, with the average selling price increasing by 12.3 per cent year-over-year. New listings, meanwhile, were down 17.1 per cent compared to last year.
‘This is not a good sign’: Toronto housing price surge resembles sky-high gains of 2016
