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If you got frozen out of the red-hot London real estate market last year, deep-pocketed Toronto buyers could be to blame.

Almost one in 10 homes sold in the London region in 2017 — during a year that featured bidding wars and sale prices higher than the asking price — were snapped up by Toronto buyers, a new report confirms. Buyers from Toronto were cashing out of the mega-city’s white-hot real estate market as the price spread between Toronto and London soared to $550,000 early in 2017.

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GTA buyers went straight for the nice luxury homes in the desirable neighbourhoods in north and south London. Amran Wali, CMHC analyst

Two areas of London — the south end and north end — were especially attractive to GTA buyers, the report by a Canada Mortgage and Housing Corp., analysts suggests. Toronto-area buyers bought 30 per cent of all the high-priced digs — those selling for more than $450,000 — in south London in the first three months of last year.

In north London, the ratio of pricey real estate sold to mega-city buyers was 21 per cent.

“GTA buyers went straight for the nice luxury homes in the desirable neighbourhoods in north and south London,” said Amran Wali, the CMHC analyst who wrote the report.