GTA home prices continue to rise as new listings drop.

Original article via The Star. Click here to read.

Toronto area home prices rose last month, up 3.5 per cent on average from a year ago to $788,345, including houses and condos. But sales and listings were down dramatically, ramping up competition among buyers in some neighbourhoods, according to the Toronto Real Estate Board.

The number of resale property transactions dropped 14.7 per cent to 6,251 in November, compared to the same month last year. But new listings were down 26 per cent in the same period, to levels reminiscent of the market prior to the cooling off period initiated by the provincial Fair Housing Plan in April 2017, said TREB director of market analysis Jason Mercer.

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