Housing sales have dipped across Canada, but prices keep rising in the red-hot Toronto market, the Star reports.
Sales in June decreased 4.4% relative to June 2011, and are down 1.3% from this May.
Vancouver’s bubble appears to be bursting, or at least deflating. Sales in June dropped 28% relative to figures from June 2011, and housing prices dropped over 13% in the same period. Sales in Toronto have also dropped—down 8% relative to last year. But prices are still up 6.8% in the last year, putting the price of the average house in the GTA at $508,622.
The Globe and Mail notes tighter mortgage rules announced by the federal government went into force in early July. Observers expect them to further cool the housing market.
Tuesday, July 17, 2012