Economics
Toronto, Vancouver Housing Sales Plummet to Decade-Lows in 2018
- Rising interest rates and stricter mortgage rules curb buying
- New listings drop as buyers stay on the sidelines amid decline
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Canada’s priciest housing markets saw their worst year for sales in at least a decade as higher borrowing costs and stricter mortgage rules hit home.
Sales in the Toronto region fell 16 percent to 77,426 transactions in 2018 while the average price fell 4.3 percent to C$787,300 ($583,400), the Toronto Real Estate Board reported Friday. That’s the worst year for sales in Canada’s biggest city since 2008. In Vancouver, full-year sales fell 32 percent to 24,619, the lowest since 2000 and 25 percent below the 10-year average.