Aug
03
Toronto Home Prices Suffer Worst Monthly Decline in 17 Years
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Fall of 4.6 percent is biggest one-month decline since 2000
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Decline about market ‘psychology,’ board president says
Home prices in Canada’s largest city posted their biggest monthly drop in at least 17 years in July and sales plunged as government efforts to cool the market and the near-collapse of a mortgage lender made buyers leery.
The benchmark Toronto property price, which tracks a typical home over time, dropped 4.6 percent to C$773,000 ($613,000) from June. That’s the biggest monthly drop since records for the price index began in 2000, according to Bloomberg calculations, and brings prices down to roughly March levels. Prices are still up 18 percent from the same month a year ago, according to the Toronto Real Estate Board…
Toronto Home Prices Suffer Worst Monthly Decline in 17 Years
