Soaring house prices in Toronto ‘deeply troubling’ for homebuyers: mayor

A house is seen for sale on the real estate market in Toronto. Mark Blinch/Reuters File

TORONTO – Ontario Finance Minister Charles Sousa says “there is no silver bullet” that can address the hot housing market in the Greater Toronto Area and beyond.

Sousa’s comments come as the Toronto Real Estate Board released data today showing the average selling price for all properties in the GTA jumped from $688,011 to $916,567 over the last year – a rise of 33.2 per cent.

READ MORE: Price of Toronto-area homes jump 33.2% in March compared to last year

Sousa has said there will be a package of measures to address the housing market in his spring budget.

But he says there is no consensus from stakeholders on how best to proceed.

Toronto Mayor John Tory says the rising housing prices are deeply troubling to a lot of people who are trying to buy homes in the city.

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READ MORE: Toronto Mayor John Tory suggests ‘vacant home tax’ is on the table

Tory has said he may consider imposing a tax on vacant homes.

Toronto’s real estate board said one of the underlying causes of the soaring prices is that demand for housing continues to exceed supply.

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