Toronto is experiencing both a residential and new home construction turnaround with a supply shortage increasing the demand for both Condos and Homes.

Construction of new homes in October were 157,300 on a seasonally adjusted annualized basis, a 5.4 per cent increase from a month earlier according to the Canada Mortgage and Housing Corp.

The Canadian Real Estate Association said existing home prices were up 13.6 per cent from a year ago as supply of homes for sale were a problem in almost every city in Canada.

The supply shortage of homes for sale has sent prices soaring for existing homes and condos in Toronto as well.

The Toronto Real Estate Board reported their sales for October were up 20 per cent from a year ago.