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Soaring House Prices In Toronto 'deeply Troubling' For Homebuyers, Says Mayor

Darpan News Desk, 05 Apr, 2017 11:17 AM

TORONTO — The mayor of Toronto is expressing concern at the latest data on the city's hot housing market that shows home prices continue to soar

The Toronto Real Estate Board says the average selling price for all properties in the Greater Toronto Area jumped from $688,011 to $916,567 over the last year — a rise of 33.2 per cent.

Mayor John Tory says the situation is deeply troubling to a lot of people who are trying to buy homes in the city.

He says responsible, effective action is needed to tackle the issue.

The city's real estate board says demand for housing continues to exceed supply — one of the underlying causes of the soaring price increases.

Ontario Finance Minister Charles Sousa has indicated there will be measures in the province's upcoming budget to address the housing market.

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