Sales of detached homes plunged 46.3 % and condo sales dropped 32.7 %, as many would-be buyers put their plans on hold, the Toronto Real Estate Board (TREB) said
The western Canadian city has rolled out a raft of measures to cool a red hot market and improve housing affordability in the country's most expensive real estate market
The industry group said actual sales, not seasonally adjusted, fell 2.4% from January 2017
Home sales in Toronto fell 22 percent in January from a year earlier as rising interest rates and tighter mortgage rules weighed on demand, but prices have stabilized as stubborn sellers and tight supply kept the correction in check.
The market in Quebec City has been fairly flat for several years, said Dominic St-Pierre, senior director of the Quebec province for the real estate company Royal LePage. While the city has a low unemployment rate, at less than 4 percent, he said, “it doesn’t have the population growth that some other Canadian cities have,” and a large inventory of homes for sale has kept prices from rising.
The industry group said actual sales, not seasonally adjusted, rose 4.1 % from December 2016
Halifax’s housing market has remained fairly stable over the last few years, reflecting a steady local economy.
“We don’t see huge fluctuations in our marketplace here,” said Sandy K. Rutledge, a founder of Domus Realty in Halifax, noting that even after the 2008 global financial crisis, “we hung in here longer than most” in the country.
Central bank Governor Stephen Poloz said Tuesday a stronger economy and good policymaking are bringing about "a gradual easing" of vulnerabilities in housing and household debt, and the trend should continue
Prime Minister Justin Trudeau said C$40 billion ($31.5 billion) would be spent over 10 years under the plan, with some 300,000 low-income households given an average of C$2,500 ($1,967) a year to help them find affordable housing
Home owners who do not to submit the declaration by Feb. 2, 2018 will be automatically charged the 1 % tax on the assessed value of their home
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