Tory calls Soaring house prices, a ‘desperate situation’.

A new data released from the Toronto Real Estate Board has showed that the average price of a GTA home jumped 33.2 per cent in March from a year previous.

Reacting to the figures, Mayor John Tory says that there is a need for regulatory action to ensure that the “dream of home ownership” is “kept alive” amid a frenetic escalation in real estate prices and continuing erosion in affordability.