Home sales in the GTA reached the second-highest level ever for October according to the Toronto Regional Real Estate Board. Demand for real estate showed no sign of slowing last month. The number of available listings remain at record lows, down 6.9% year-over-year, fuelling a long-term supply and demand imbalance, and sizzling price appreciation.
“The only sustainable way to address housing affordability in the GTA is to deal with the persistent mismatch between demand and supply. Demand isn’t going away. And that’s why all three levels of government need to focus on supply. The federal government has stated that collaboration with provinces and municipalities is required. This collaboration could be spearheaded, at least in part, with housing-related incentives tied to federal infrastructure investment,” said TRREB President Kevin Crigger.
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