Toronto Home Sales Drop, Prices Inch Up

Toronto Home Sales Drop, Prices Inch UpThe latest data for Toronto’s housing market isn’t pretty, but it’s still not bad enough to call a hard landing just yet.

Home sales in Canada’s biggest city plummeted by more than 19% in the first two weeks of December, compared to the previous month, according to the Toronto Real Estate Board. Sales were down by 16% over the past year. See the full report here.

New mortgage rules that the federal government introduced back in July were again cited by TREB as the main reason why Toronto’s housing market is slowing down. The federal government tightened mortgage regulations that reduced the maximum amortization period and firmed the ceiling for government-backed insured mortgages to 1 million Canadian dollars ($1,014,000).

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Authored By David George-Cosh – See the Full Story at The Wall Street Journal

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