Toronto market boosts national housing prices

Fresh data released by Statistics Canada on September 8 revealed that Toronto’s dynamic real estate market propelled the country’s housing segment to its 16th consecutive month of growth, as July prices went up by 0.4 per cent month-over-month nationwide due to the Ontario capital’s performance.

Prices in the Toronto-Oshawa region rose by 1.0 per cent in the same period, with StatsCan pointing at sustained demand as the leading factor in the price growth. This jurisdiction comprises 27.92 per cent of Canadian housing strength, Reuters reported.

The Vancouver market also contributed to the surge, with average home costs rising by 0.6 per cent. The national price increase in July exceeded twofold the initial Reuters estimate of 0.2 per cent.

In the same month-over-month interval, the value of Canadian building permits as a whole rose by 0.8 per cent, but permits in the residential segment devalued by 2.0 per cent due to slower construction in Quebec, Ontario, and British Columbia.

StatsCan emphasized that the housing permit data does not take into account the B.C. government’s recent imposition of a 15 per cent property transfer tax on foreign home buyers. Permits do not include the nationality of permit holders as criteria.

In its updated Market Watch report released on September 7, the Toronto Real Estate Board observed that population growth, cheap borrowing, and consistent strength in the local economy continue to drive housing activity in the region.

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