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.

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