Housing affordability plummeting as third quarter sees price spike to pre-recession levels…big improvements in stock market, low interest rates, pent-up-demand, and lack of listings bring average Toronto home price in July-Sept period to $402,762 – biggest increase in any Canadian city…

Housing affordability deteriorated sharply in Toronto in the third quarter of 2009 as home prices spiked above pre-recession levels.

Read the full article by Tony Wong, “Rebound hammers affordability of GTA homes” in the Toronto Star (Oct. 29, 2009).

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