Jun
15
Canada Home Sales Drop Most in Almost 5 Years on Toronto Decline
By-
Drop in Toronto May home-sales is the largest since 2008
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National prices still up 18% from year ago; 29% in Toronto
Canadian home sales fell by the most in almost five years last month, led by a plunge in Toronto after a foreign-buyer tax was introduced to curb runaway price speculation.
Transactions nationally fell 6.2 percent in May, the fastest monthly decline since August 2012 the Canadian Real Estate Association reported Thursday. Sales in Toronto fell by 25 percent, the most since October 2008.
The report shows the first full month of market conditions after the Ontario government set a 15 percent tax on foreign home buyers in April amid soaring prices, adding to measures by federal officials last year to rein in the Toronto and Vancouver markets…
Canada Home Sales Drop Most in Almost 5 Years on Toronto Decline
