Toronto May Home Price Gains Slow as New Listings Surge 49%
- Average price rises 15% from year earlier to C$863,910
- May slowdown reflects first month of new foreign buyer tax
How Much Gold Would Buy You a Home in Toronto?
This article is for subscribers only.
Toronto’s housing fever is showing signs of cooling as price gains slowed and new listings surged in May, the first full month reflecting a new tax on foreign buyers and a crisis at mortgage lender Home Capital Group Inc.
The number of new listings soared 49 percent last month from a year earlier to 25,837, the biggest increase since 2010, according to Toronto Real Estate Board figures published Monday. The average price rose 15 percent to C$863,910 ($640,076), compared with annual gains of 25 percent in April and 33 percent in March. The benchmark price index, which measures more typical mid-priced homes, rose 29 percent, also down from a 32 percent gain in April.