Toronto Home Sales Plunge Under New Lending Rules

February 7, 2018
Natalie Wong and Erik Hertzberg – Bloomberg

Toronto home sales tumbled in the first month of 2018, as tougher mortgage qualification rules came into play and borrowing costs rose.

Sales in Canada’s biggest city fell 22 percent to 4,019 units from a year earlier, according to data released Tuesday by the Toronto Real Estate Board. It was the weakest month of sales for January since 2009. The average price of a home sold in Toronto was C$736,783 ($587,968), down 4.1 percent from January 2017, though little changed from December.

Reprinted courtesy of Natalie Wong, Bloomberg and Erik Hertzberg, Bloomberg


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