There were signs of cooling in the Toronto housing market last month as sales dropped by 41.2% compared to the same time last year.
According to the latest TRREB report, there were 8,008 sales across the region, down from 13,613 during the same time last year. This represents a 27% drop compared to the previous month of 10,939 sales - an unusual trend in spring, which is traditionally the busiest season in the real estate market.
The board attributed this decline to homebuyers who are taking a break from the market as interest rates climb and reduce their buying power.
"It certainly appears that the Bank of Canada is achieving its goal of slowing consumer spending as it fights high inflation," TRREB President Kevin Crigger said in a release.…