Toronto, Vancouver Real Estate Markets Cooling Off

Vancouver / Toronto real estateHome sales in two of Canada’s hottest housing markets, Toronto and Vancouver, are showing signs of a cooling trend in what could be the beginning of a long-awaited contraction economists have been expecting.

The Greater Toronto Realtors Association said Thursday the number of pre-owned homes sold by its members last month was down 13 per cent in the city and 5.4 per cent in the Greater Toronto Area compared with the same time last year.

Those numbers came on the heels of a report Wednesday that showed Vancouver home sales hit their lowest level in more than a decade in June, falling 17.2 per cent from May.

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