Average home price in Toronto suburbs exceeds $1 million
Stronger market demand for detached houses in the Greater Toronto Area keeps raising prices to record high level with suburbs also feeling the influence.
According to the latest report by Toronto Real Estate Board (TREB), starting from Halton Hills and to Georgina, to Clarington, the average cost of a detached house in the 905 region reached $1,106,201. It’s a 35.4% gain from a year earlier.
In case of Toronto, the average price of a detached home now is $1,573,622, marking a 29.8% annual increase. The whole region showed an average price for all real estate categories of $875,983. Meanwhile, it was $685,738 a year ago.
Canadian banks aren’t ready to face higher mortgage risks
Canada’s financial sector is calling for alternatives to recent government’s proposals, which can make them face larger share of mortgage defaults through a deductible. They call this change the strongest hit to the housing finance in 50 years.
“This proposal leads to doubts whether a deductible is actually the most effective method of balancing the risks in the housing finance system,” - the Canadian Bankers Association said. “We believe that alternative ways should be viewed in order to reach the same goals, but with an approach which would be more simple and less harmful for the current lending system.”