Toronto home prices slip further as sales plunge 47% from last year RealEstate Toronto mortgagestress
Toronto home prices fell just over six per cent in July from a month earlier, hitting an average of $1.074 million, according to data from the Toronto Regional Real Estate Board. Despite the month-over-month decline, the city’s home prices managed to eke out a one per cent increase from July 2021.
Despite the slump in sales, TRREB chief executive officer John DiMichele said more households in the Greater Toronto Area will be planning to purchase a home in the future but are uncertain of where the market is headed. The board took aim at guidelines set by the Office of the Superintendent of Financial Institutions.Article content
DiMichele further argued for a transparent process and more sound rationale surrounding the stress test rules.
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