Homebuyers who find prices in central Toronto too rich are heading out to the suburbs, only to find that competition for scarce listings is also driving up prices there.

Houses in central Toronto with asking prices of less than $1 million are hard to come by, The Globe and Mail’s Carolyn Ireland reports — and usually end up selling for seven digits.

“I think every agent in the city is bemoaning the lack of listings,” Graham Connaughton of Sotheby’s International Realty Canada tells Ireland.

The Canada Mortgage and Housing Corp. requires that buyers put down at least 20 percent on homes valued at more than $1 million, so if you don’t have $200,000 handy, you’re out of luck when it comes to homes in that price range.

But head out to the suburbs, and some communities in Vaughan have fewer homes on the market than a year ago, driving up prices. Toronto’s subway is being extended to the area, and its impact “cannot be overstated,” says Carl Minicucci of Humber Valley Real Estate Inc.  Source: theglobeandmail.com.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription