Residential permits more than doubled in September in Hamilton, Canada, a city an hour's drive from Toronto with a population of 500,000. It's the largest jump in six years for the area, with St. Catharines nearby also seeing a record jump.
Toronto's demand has only been increasing. The city's real estate board revealed the average price of a detached home downtown rose 22% in October year-over-year, while sales still hit record numbers. Condo sales were up 20% and the average price was up 13%.
In the nearby Hamilton-Burlington region, where many Toronto workers live and commute to the city, listings dropped 3.2% in October and listings were snatched up within four weeks of listing. Prices increased 15% in the area.