April home sales dropped to a seven-year low for the month, the kick-off to the busy spring real estate season, as both sales and prices saw double-digit annual declines, the Canadian Real Estate Association reported Tuesday.
Buyers in Canada's most overheated real estate markets paid an average of $229,000 extra per home between 2007 and 2016 because of regulations making it difficult for builders to construct more single-family houses, said a new study.
A flood of buyers and sellers looking to close deals late last year ahead of looming tighter mortgage rules resulted in a 14.5 per cent "payback" drop in home sales between December and January, market watchers said Thursday.
The number of homes sold in the Toronto region in January was down 22 per cent compared with a year ago, when the area was experiencing a short-term spike in prices that prompted the Ontario government to cool the market last spring.
Home sales in the Greater Toronto Area tanked last month and prices continued to recede, the city's real estate board said Thursday, further evidence that provincial measures aimed at cooling one of the hottest housing markets in North America may be working.
The recent downturn in Toronto's real estate market, brought on after Ontario introduced measures this spring including a foreign buyers' tax, is expected to be brief, the federal housing agency said Wednesday.
The Bank of Canada's interest rate hike could prolong the cooling-off period the Toronto housing market is experiencing following the implementation of a provincial foreign buyer tax, a prominent economist said Wednesday.