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Bank of Montreal
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Close 2021-04-05 C$ 113.62
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Globe says BMO, RBC see home feeding frenzy ratchet up

2021-04-06 08:23 ET - In the News

Also In the News (C-RY) Royal Bank of Canada

The Globe and Mail reports in its Tuesday edition that Toronto home sales and prices reached new highs in March, blowing past the previous record set during the 2016 real estate boom, with the city's condo rebound gaining steam and demand continuing for houses in the city and nearby suburbs. The Globe's Rachelle Younglai writes there were 15,652 home resales last month, according to the Toronto Regional Real Estate Board (TRREB). That was nearly double the volume of March, 2020, when initial pandemic measures halted open houses and abruptly depressed sales and prices. Last month surpassed the previous record set in May, 2016, when there were 12,870 resales and the frenetic activity pushed federal and provincial governments to enact measures to cool the market. Last month, the average selling price across the Toronto region reached a record $1,097,565. That was 22 per cent higher than March of last year and 5 per cent higher than February. RBC's Robert Hogue said policy-makers should put everything on the table, including taxing capital gains on the sale of principal residences. BMO's Robert Kavcic urged policy-makers to act before it is too late, advocating a more transparent bidding process to slow price increases.

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