real estate cool down toronto

Toronto showing more signs of real estate slowdown

Today in Toronto real estate news, the Canadian Real Estate Association (CREA) says the GTA market might finally be starting to cool down.

Just like that Katy Perry song, the market's hot, then it's cold. And while it's nowhere near freezing yet, year over year, sales in the GTA reportedly dropped 7 percent in April.

"Homebuyers and sellers both reacted to the recent Ontario government policy announcement aimed at cooling housing markets in and around Toronto," said the CREA's chief economist Gregory Klump, in the organization's monthly report, which came out todays.

"The number of new listings in April spiked to record levels in the GTA... where there had been a severe supply shortage. And with only ten days to go between the announcement and the end of the month, sales in each of these markets were down from the previous month. It suggests these housing markets have started to cool," he continued.

Sales might have been down, but prices were up. But that's, apparently, exactly what happened in Vancouver after its market started to cool last year.

Lead photo by

Youriguide


Latest Videos



Latest Videos


Join the conversation Load comments

Latest in City

The history of what was once Toronto's grandest mansion

Moore Park Ravine is an escape from the city in midtown Toronto

The breathtaking Mast Trail in Toronto follows a 200-year-old logging route

You can take in breathtaking valley views along the Vista Rouge Trail in Toronto

Downsview Park in Toronto is a massive urban park around an artificial lake

Canada is seeing one of the worst standard-of-living declines in 40 years

Tributes pour in after death of Toronto City Councillor Jaye Robinson

It's going to get way easier to pay transit fare in Toronto with your phone