“Toronto home sales plummet 35% from a year ago as new mortgage rules bite” via “Financial Post”
Home sales in the Greater Toronto Area plunged 34.9 per cent in February compared to the same month a year ago as buyers adjusted to new mortgage rules and government policy interventions, the Toronto Real Estate Board (TREB) said.
Prices tumbled too, with the average sales price for all housing types falling 12.4 per cent to $767,818.
TREB said the declines had been expected due to market-cooling measures brought in by the Ontario government last April and tougher new mortgage rules introduced in January. The board had also warned that figures would be particularly stark in comparison to the opening months of 2017, when a booming market sent sales and prices skyrocketing. The market slowed considerably in the second half of last year following the implementation of the Ontario measures – which included a 15 per cent foreign buyers’ tax.