Toronto’s August real estate numbers are in, and they’re at record highs, but the industry isn’t ready to concede Metro Vancouver’s foreign buyer tax is adding fuel to the fire.
Sales are up by 23 per cent and prices are also up by 17 per cent, making it the hottest August on record for Greater Toronto real estate.
But Jason Mercer with the Toronto Real Estate Board says with just a month of data since Metro Vancouver’s new tax it’s too early to say if it’s driving sales.
“It still is a bit of a wait and see attitude.”
That said, he says it’s top of mind for the industry.
“We’re going to be undertaking our own research, doing member surveys and consumer survey work looking at getting a better handle on foreign buying activity in the GTA as well.”
Mercer adds Toronto has seen two consecutive years of record sales, leaving an average Toronto detached home now worth $1.2 million.
B.C. introduced its 15 per cent tax at the beginning of august, causing concern investors might turn to Toronto’s already frothy market.