Are Toronto House Prices Headed Back to 2016 Levels? Concern is growing that Canada’s largest housing market may be about to experience a new round of froth, similar to that seen in 2016.
Back then, red-hot housing markets in the Greater Vancouver and Toronto Areas ultimately forced the federal government to introduce the 2016 and 2018 mortgage stress tests on both insured and uninsured mortgages.
While sales activity and prices took a hit in both markets, the recovery for the Greater Toronto Area seems to be nearly complete. The Toronto Real Estate Board (TREB) reported in January that the MLS Composite Benchmark price was up 8.7% compared to January 2018—the fastest pace of growth since October 2017.