Toronto Home Sales Drop Most in Eight Years

  • Home sales in Canada’s biggest city drop 37% from year earlier
  • Toronto real estate board lowers forecast for sales, prices

Toronto’s housing market is losing steam.

A series of government measures and the prospect of higher interest rates boosted listings and sparked the biggest sales decline in more than eight years last month, the Toronto Real Estate Board reported Thursday. Average home prices rose just 6.3 percent to C$793,915 ($612,000), the smallest annual increase since January 2015.

Toronto’s real estate market, mostly known for bidding wars and 20 percent price gains, is beginning to feel the effects of government rule changes that make it harder to get a mortgage. A liquidity crisis at one of the country’s largest alternative lenders is also reducing confidence that home values will continue their upward march…

Toronto Home Sales Drop Most in Eight Years

Categories : Real Estate

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