Toronto becoming ‘the New York of the North’

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House prices in Toronto will continue to be out of the reach of many homebuyers even if there is moderation in the coming years. That’s according to a new report from TD Economics which highlights government regulations and taxation among the factors affecting affordability. The report says that the policy of pushing for high density with small units has led to an increasing shortage of townhouses and single-family homes, increasing prices. Co-author of the report, economist Diana Petramala, says that prices in the GTA mean that the area is now not far behind New York for being unaffordable. 

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