(Source: Financial Post)

New home sales in Toronto spiked last month, an early indication that construction may soon pick up for a housing market that is short on supply, not only in Canada’s largest market, but most of the country.

Existing homes sales across the country were up 41.5% last month from a year ago, while the average price of a home jumped 20.7% during the same period. The percentage of homes listed for sale shrank 20.8% last month, which combined with low interest rates has fuelled intense bidding wars in many markets across the country.

Read Gary Marr’s full article “New home sales in Toronto spike in October” in the Financial Post (November 20, 2009).

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