Mar 14, 2017
By Michael Kramer
Sky-rocketing house prices in Toronto and Hamilton – helped to boost a record increase in the Canada-wide index last month.
The Teranet-National Bank national composite house price index picked up 1.0 per cent – which is the biggest February increase in its 18-year history.
Toronto registered a record 1.9 per cent increase while Hamilton gained 1.4 per cent – also a record.
National Bank senior economist Marc Pinsonneault calls the Toronto housing market “worrisome,” and says the affordability of other types of housing in the city is becoming a severe problem.
Toronto’s blisteringly hot housing market has been raising concerns – and prompting talk about a foreign buyers tax like the one instituted in Vancouver.