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.
Prices, however, continued to stabilize. The benchmark, which is weighted to account for differences in home type, climbed 0.7 percent from last month to C$766,300 ($595,700). The condo apartment segment helped boost prices, jumping 10 percent to C$495,600 from a year earlier. In contrast, detached home prices tumbled 10 percent from April 2017 to C$927,800.
Similarly, Vancouver benchmark prices rose 14 percent in April from a year ago, while sales fell 27 percent to a 17-year low for the month, according to the Real Estate Board of Greater Vancouver.