Chill descends on Toronto housing as prices drop fastest since 1988
Ottawa
CANADA'S hottest housing market is definitely cooling down. Total home sales in Greater Toronto dropped to 5,977 in June, the lowest level since 2010 and down 15.1 per cent from the month prior, data from the Canadian Real Estate Association (CREA) show. Average prices are down 14.2 per cent since March - the fastest three-month decline in the history of the data back to 1988 - while the ratio of sales to new listings sits at its lowest level since 2009.
The June data comes after a series of measures by policymakers to tighten access to the market - and before the Bank of Canada hiked its benchmark interest rate last week, the first increase since 2010 that will…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
China national who had Singaporeans front plan to buy East Coast houses pleads guilty
Freddie Mac seeks regulatory approval to back home-equity loans
China national fined S$45,000 for having Singaporeans front plan to buy East Coast houses
Condo rents inch up after 7-month decline; volumes recover: SRX, 99.co
Apple to invest US$250 million into expanding Ang Mo Kio campus
High Court dismisses China businessman’s claims against Huttons and agent in misrepresentation suit