Real Estate
Toronto Home Prices Drop 16% in Historic Five-Month Slump
- Benchmark price falls again in August; sales rise over July
- Markets are betting on 75 basis point rate increase next week
Toronto, Ontario, Canada.
Photographer: James MacDonald/BloombergThis article is for subscribers only.
Toronto home prices fell for a fifth straight month, the longest skid since 2017, as the property market adjusts to sharply higher interest rates from the Bank of Canada.
The benchmark price for a home in Canada’s largest city dropped 2.8% in August compared with the month before to reach C$1.12 million (about $854,000), according to data released Friday by the Toronto Regional Real Estate Board.