Wednesday, November 22, 2017

Toronto’s deflating run away housing prices, in one chart

 

Home sales in Canada’s largest metropolis slowed down for the third largest month in a row, according to numbers released from the Toronto Real Estate Board. That came as new listings rose nearly 16 per cent, and as active listings surged over the year before.

The average house price still increased 6.3 per cent on the year 2017, but that’s well off the blistering pace of annual price increases merely a few months ago.

 

The June numbers delivered further evidence that the raft of new measures implemented by the Ontario government in April, 2017 –from a new foreign customers taxation to lease controls — are starting to take their effect.

The next few months will be crucial in determining whether the Toronto housing market has simply stumbled, or if this is the start of a deeper correction.

Here’s a look at how Toronto real estate market over the first six months of 2017 is comparable to last year in 2016:

Source: Maclean’s Magazine

 

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