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Bloomberg
Toronto home sales shot to a record in May and prices surged amid fierce competition for single-family homes.
There were 12,870 homes sold in May, 11 percent higher than last year, according to the real estate board in Canada’s biggest city.
With listings falling 6.4 percent from last year, average prices rose 16 percent to C$751,908 ($581,207).
Detached homes in the suburbs led gains with a 21 percent rise while detached homes in the city center rose 15 percent to C$1.3 million.
Toronto joins Vancouver in a record month for sales, as that western city’s real estate board said on Saturday 4,769 homes traded hands, an 18 percent gain from the prior year.