AVERAGE House/Condo Price In Greater Toronto Now $1,259,900 – Yes, $1,259,900!

Greater Toronto real estate prices are surging higher at the fastest pace in history. The TRREB composite benchmark price hit $1,259,900 in January, up 4.29% ($51,900) from the previous month.

@$Prices are now 33.29% ($314,667) higher than last year — about the cost of a whole house in Canada just over a decade ago. It’s an unreasonable amount of price growth.

In the City of Toronto, real estate prices are moving a little slower but still fast. The composite home price in the city hit $1,242,700 in January, up 2.22% ($27,000) from the month before. Compared to last year, prices are 24.64% ($245,668) higher, rising two-thirds the pace of the Greater Region. This tells us home prices in the suburbs are moving so fast, City prices are slowing down the whole index…

Toronto: Home Resale Market Conditions (End-of-month-listing-to-sale ratio.)

@$$Higher home prices motivate some to sell, but when they’re rising so fast, few want to leave anything on the table, especially with the central bank whipping buyers into a frenzy with the warning of higher rates. Experts see slowing demand with higher rates, but they didn’t see over 30% home price growth, so it’s a tough sell. A large portion of the population is now worried the end of cheap debt is coming, and they may have to pay more.

The above version of the original article by Kaitlin Last was edited [ ] and abridged (…) to provide you with a faster and easier read.

Editor’s Note:

Please donate what you can towards the costs involved in providing this article and those to come. Contribute by Paypal or credit card.

Thank you Dom for your recent $50 donation!

 munKNEE.com has joined eResearch.com to provide you with individual company research articles and specific stock recommendations in addition to munKNEE’s more general informative articles on the economy, the markets, and gold, silver and cannabis investing.

Check out eResearch. If you like what you see then…

Related Articles From the munKNEE Vault:

1. Canadian Real Estate Prices Almost Doubled vs. the U.S. in 2021!

The U.S. Federal Reserve (the Fed) updated its real home price index for Q3 2021. All G7 countries are seeing home price growth, but nowhere is quite like Canada. Canadian real estate prices are some of the fastest growing in the world, and have been for some time.

2. Home Prices Have Grown 13x Faster In Canada Than In The U.S.!

The U.S. Federal Reserve considers both Canada and the U.S. to be in real estate bubbles but they’re even close to the same issue. Here’s why.

3. The Fed Says the U.S. Is Now Officially In A Real Estate Bubble

For the first time since 2007 the Fed’s Exuberance Index is warning that U.S. real estate prices are in a bubble. Did the Fed even notice?

4. Fed’s Exuberance Index Shows Canada’s Real Estate To Be A “Bubble On A Bubble”

The U.S. Federal Reserve’s latest Exuberance Index (Q2), considered a “smoking gun” for bubbles, shows Canada is well into a real estate bubble – a bubble on a bubble.

5. Canadian Real Estate: In the Later Stage of a “Speculative Fever”

People are putting a disproportionate amount of capital into housing but Canadian real estate is in the later stage of a “speculative fever,” said the country’s bank regulator, calling it herd mentality.