The rate of decline in housing prices in Toronto in October became maximum in more than 20 years


Toronto housing prices fell at the fastest pace since September 1996. The price index in Canada for new buildings in Toronto declined in annual terms by 1.4%, while the indicator in all the provinces and territories of Canada increased by only 0.1%, which is the lowest rate since 2010. The fall in the rate of construction of new buildings in the Greater Toronto area in a year to October of this year was 40.3%. Experts say that the main reason for the fall in the real estate market is the tightening of mortgage lending rules by the Canadian government, because before they were introduced at the end of last year, the annual rise in prices for new houses was about 4%. In addition, the Bank of Canada has raised the rate 5 times since July 2017.

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