Whether or not it can keep up the pace with flagging economic indicators, the Toronto real estate market once again had a very busy month in October
But, the vast majority of price growth is outside the city of Toronto and throughout the GTA perhaps indicating that more people are looking to make a move outside the city and those markets are heating up and fuelling the record-breaking numbers.
For example, real estate prices in the city of Toronto’s detached home sector grew over 11 per cent while prices of detached homes in the GTA grew a whopping 18 per cent. The difference is even starker in the semi-detached end of the market with 15.4 per cent price growth in the GTA and just over 4 per cent in the city.
Amid the pandemic, Canadians are have been moving away from the condo living lifestyle and are now looking at suburban and rural areas as an alternative away from major cities like Toronto and Montreal given the available affordability and space. As more people have been working from home they are looking for more affordable housing outside dense cities, there is a stronger demand for areas that offer more space to live, work, and play.
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