It shows that more than half of Canadian property markets — 61 per cent — saw a quarterly increase of 3 per cent or more in the final quarter, including a 4.1 per cent rise in the Toronto area.
“There was a weird desperation in the air as 2021 started.
“Somewhere in the range of 90 per cent of the new mortgages written last year, people had to qualify at the full 5.25 per cent that the Bank of Canada specifies, which is more than double the best rates you can get.
The aggregate home price, including all houses and condos, was less dramatic in the city of Toronto than the surrounding communities.
It was followed by Milton with a 29.9 per cent gain to $1.34 million; Vaughan, up 28.9 per cent to $1.6 million; and Oshawa, where detached houses cost 28.7 per cent more last year at $906,600.
Kingston posted the highest year-over-year aggregate home price gain of 38.1 per cent.