Toronto Home Sales Off to Weakest Start Since 2009 Recession
- April transactions fall 32% from year earlier on new rules
- Benchmark prices stabilizing, with gains of 0.7% from March
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Toronto home sales are off to the worst start in nine years, as tougher rules for mortgage qualifications and rising interest rates continue to push buyers out of the market.
Sales fell for four straight months on a seasonally adjusted basis, with the fewest transactions to start a year since the 2009 recession, according to data Thursday from the Toronto Real Estate Board. April itself was one of the weakest months in the past 15 years for sales in Canada’s biggest city.