Resale housing activity in Toronto plunged more than 40% last month and signs point to continued weakness in August. In similar fashion to Vancouver, resale activity will likely flounder over the remainder of this year due to tougher mortgage rules and higher household borrowing costs. While house prices in Toronto are still higher than they were a year ago, house price indices are lagging indicators and obviously don’t reflect the unfolding impact that slumping home sales will eventually have on housing valuations.
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