Skip to content
Subscriber Only

Canada Home Sales Drop Most in Almost 5 Years on Toronto Decline

  • Drop in Toronto May home-sales is the largest since 2008
  • National prices still up 18% from year ago; 29% in Toronto
Video player cover image

Richardson's Kerlow Says No Canada Housing Correction Yet

Canadian home sales fell by the most in almost five years last month, led by a plunge in Toronto after a foreign-buyer tax was introduced to curb runaway price speculation.

Transactions nationally fell 6.2 percent in May, the fastest monthly decline since August 2012 the Canadian Real Estate Association reported Thursday. Sales in Toronto fell by 25 percent, the most since October 2008.