Jun
05
Toronto May Home Price Gains Slow as New Listings Surge 49%
ByToronto’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…
Toronto May Home Price Gains Slow as New Listings Surge 49%
