Home buyers in the Greater Toronto Area continue taking advantage of low borrowing costs; especially those looking for some type of single-family house.

The Toronto Regional Real Estate Board reports sales last month were up 24.3% compared with November 2019.

There were 8,766 transactions this November – 1,712 more than the previous year.  

The rise in sales came as the average price went from $843,307 to $955,615 last month.

Meanwhile, City of Toronto staff recommends a tax on vacant homes in the city, explaining such a tax increases housing supply by encouraging homeowners to sell or rent their unoccupied home, and if they decide to keep it vacant, they would be taxed.

The city says the revenue can be used to fund affordable housing projects.

Using numbers from Vancouver, where there’s such a tax, if 1% of Toronto’s housing stock is vacant, at a tax rate of 1% on the average Toronto home’s current assessed value, this could equal $55 to $66-million in tax revenue per-year.

A staff report, going to Toronto’s Executive Committee next week, recommends such a levy starting 2022.

If approved, the report would go to City Council at its December 16 and 17 meeting.