Toronto's real estate market is a pretty scary place these days. Prices seem to be going up and up, so it's not really surprising that a new report out of Sydney, Australia (another city with prohibitively expensive properties) says we have the fastest rising house prices in the world.
According to data compiled by CoreLogic for Australia's Daily Telegraph, Toronto's median home price grew 19 percent over the past year - Sydney's grew 18.4 percent.
As the Huffington Post points out, many Canadian real estate organizations measure average (or mean) selling prices.
In February 2017, the average selling price for a Toronto house (including detached, semi-detached and townhouses) was $875,983, up 27.7 percent since February 2016.
The annual home price increase analysis out of Sydney looked only at cities with populations over one million.
by Amy Grief via blogTO
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