Toronto Condo ‘Roller Coaster’ Peaks as Flaherty Acts: Mortgages

Canadian Finance Minister Jim Flaherty is making progress in his effort to cool Toronto’s overheated condo market with tougher mortgage lending rules.

Condo sales dropped 10 percent in July from a year earlier to 1,753 units and the average price fell 1 percent to C$328,216 ($328,347), the city’s real estate board said Aug. 3. Prices have fallen by 2.3 percent from a year earlier, ending annual price gains that peaked at 11 percent in October, according to Bloomberg calculations using Toronto Real Estate Board figures.