Toronto home prices climb almost 13% as listings plunge to decade low

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Sales fall 20% from a year ago

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Buying a home in Canada’s biggest city got even harder and more expensive this summer, just as voters make affordable housing one of the top themes of an imminent federal election.

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Toronto’s real-estate inventories were down 43 per cent from a year ago in August and the number of homes sold dropped 20 per cent, while prices jumped 13 per cent to $1.07 million, according to data released Friday by the Toronto Regional Real Estate Board.

Prices were up 2.4 per cent over July on a seasonally-adjusted basis. That was the biggest month-on-month increase since March.

With some of the world’s least affordable big cities, Canadians are increasingly outraged with the cost of living. To appease voters that blame the housing crunch on speculation, Prime Minister Justin Trudeau is promising to introduce a two-year ban on foreign home buyers if re-elected.

“The fact that new listings were at the lowest level for the past decade is alarming. It is clear that the supply of homes is not keeping pace with demand, and this situation will become worse once immigration into Canada resumes,” said TRREB President Kevin Crigger.