Business & Finance Nov 5, 2019 11:47 AM EST

Toronto housing sees largest price jump since 2017

Overall the benchmark price, rose 5.8 percent from a year ago to $810,900, while sales rose by 14 percent

Toronto housing sees largest  price jump since 2017
Ali Taghva Montreal, QC
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This article was published more than 1 year ago, information might not be accurate.

Canada’s largest city appears to be bouncing back from its real estate lul.

According to a report from the Toronto Real Estate Board, the city’s housing market saw its largest price jump since 2017, as supply continued to drop.

Overall the benchmark price, rose 5.8 percent from a year ago to $810,900, while sales rose by 14 percent.

New listings a key variable behind price, dropped nearly 10%.

The drop in overall available supply is also pushing up rental rates, with the average rent for a one-bedroom apartment also rising 5.8 percent.

With prices rising across the board, it appears investors have begun to price in and adjust to higher taxes alongside tighter regulations.

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