Tougher Mortgage Rules Deflating Toronto Housing Market

Tougher Mortgage Rules Deflating Toronto Housing Market
A single-family detached home in Toronto. Such home prices fell by 2 percent in February 2018. Rahul Vaidyanath/The Epoch Times
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Toronto’s housing market keeps cooling off with sales falling sharply, but prices remain stable in aggregate, according to the Toronto Real Estate Board’s monthly news release.

Home sales in the Greater Toronto Area (GTA) for February fell 35 percent compared to last year. New listings were up 7.3 percent from a year ago. The benchmark price edged higher by 3.2 percent year-over-year for the market as a whole, driven by strength in townhouses and apartments, which were up 7.5 percent and 18.8 percent respectively. Single-family attached and detached homes fell slightly in price.

Rahul Vaidyanath
Rahul Vaidyanath
Journalist
Rahul Vaidyanath is a journalist with The Epoch Times in Ottawa. His areas of expertise include the economy, financial markets, China, and national defence and security. He has worked for the Bank of Canada, Canada Mortgage and Housing Corp., and investment banks in Toronto, New York, and Los Angeles.
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