Toronto Home Sales Plummet to a Seven-Year Low
- Three-month average down 14.2% after flood of new listings
- Bank of Canada rate hike expected to further cool market
Toronto Home Demand Slides as Sales Drop Most in 8 Years
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Canada’s hottest housing market is definitely cooling down.
Total home sales in Greater Toronto dropped to 5,977 in June, the lowest level since 2010 and down 15.1 percent from the month prior, data from the Canadian Real Estate Association show. Average prices are down 14.2 percent since March -- the fastest 3-month decline in the history of the data back to 1988 -- while the ratio of sales to new listings sits at its lowest level since 2009.