Earlier this month, it was suggested that the wheels were falling off Canada’s biggest housing market – Toronto- with the Toronto Real Estate Board (TREB) reporting that house sales had fallen by around a third year-on-year in the Greater Toronto area, with average sales prices for all dwelling types also down 12.4% year-on-year to $767,818, and listings rising:
Now, Teranet has reported its results for February, which recorded further falls in Toronto:
As shown above, Toronto house prices are now down 7.3% from their July 2017 peak, with annual price growth tumbling from an insane 29.3% in June 2017 to 6.2% currently.
The primary reason for Toronto’s slide is due to market-cooling measures brought in by the Ontario government last April (including a 15% foreign buyers tax), as well as tougher new mortgage rules introduced in January by the Office of the Superintendent of Financial Institutions.
By contrast, Canada’s other bubble market – Vancouver – continues to march higher, hitting another all-time high in February, with annual price growth still powering along at an insane 15.8%.