GTA housing market could not cool down by New mortgage rules.

TREB (The Toronto Real Estate Board) said 8,547 homes were sold in the Greater Toronto Area through the Multiple Listing Service last month. The rise is up 16.5 per cent from last November.
Prices also marched higher with the average selling price up by 22.7 per cent to $776,684.
This shows that the new mortgage rule changes have failed to slow the blistering pace of home sales and they may have actually pushed prices higher in parts of the GTA that are still considered affordable, say realtors.
Toronto Real Estate Board President Larry Cerqua said, once again across the region a lack of listings was the main driver behind the price jump.
“Would-be home buyers continued to be frustrated by the lack of listings, as annual sales growth once again outstripped growth in new listings. Seller’s market conditions translated into robust rates of price growth,” Cerqua said.
And changes in federal mortgage rules did nothing to address the lack of supply, according to TREB’s director of market analysis Jason Mercer.
Mercer further said ,”Recent policy initiatives seeking to address strong home price growth have focused on demand. Going forward, more emphasis needs to be placed on solutions to alleviate the lack of inventory for all home types, especially in the low-rise market segments.”