Article content

Toronto’s housing market continued to bounce higher in October, with prices rising the most in almost two years amid dwindling supply.

The benchmark price, which accounts for differences in the type of homes sold, rose 5.8 per cent from a year ago to $810,900, the Toronto Real Estate Board said in a report Tuesday. That’s the biggest jump since December 2017 and takes it to within about $4,300 of the record set in mid-2017.

We apologize, but this video has failed to load.

tap here to see other videos from our team. Try refreshing your browser, or Toronto housing prices jump the most since 2017 — the year the market peaked Back to video

“As market conditions in the GTA have steadily tightened throughout 2019, we have seen an acceleration in the annual rate of price growth,” said Jason Mercer, TREB’s chief market analyst. “We will likely see stronger price growth moving forward if sales growth continues to outpace listings growth, leading to more competition between home buyers.”