Home sales in Canada’s largest city slowed down for the third month in a row, according to numbers released from the Toronto Real Estate Board. That came as new obtained listings went up 16 per cent, and as active listings surged over the year 2016.
The median house price still increased 6.3 per cent on the year, but that’s well off the blistering annual price increase of just a few months ago.
The June numbers delivered further proof that the slew of new measures implemented by the Ontario government in April–from a new foreign purchasers tax to rent controls– are starting to take their effect.
The next few months will be crucial in determining whether the Toronto housing market has simply stumbled, or if this is the start of a deeper correction.
Here’s a look at how Toronto real estate market over the first six months of 2017 is compared to last year in 2016:
Source: Maclean’s magazine
