Toronto housing posts record year in 2016 amid supply shortage

Ottawa

LAST year was a record year of double-digit gains for Toronto's housing market. Supply tightened and the cost of an average home shot past C$700,000 (S$756,780) for the first time.

Sales figures released on Thursday by the Toronto Real Estate Board showed that the city's realtors sold C$82.6 billion worth of homes last year, a jump of nearly C$20 billion from 2015. Unit sales rose 12 per cent and prices increased by more than C$100,000 to an average C$729,922 - up 17 per cent from 2015, the largest annual gain since 1989.