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Toronto’s housing market cools following Flaherty’s tougher lending rules

Posted on 08 August 2012

Canadian Finance Minister Jim Flaherty is making progress in his effort to cool Toronto’s overheated condo market with tougher mortgage lending rules. Condo sales dropped 10 per cent in July from a year earlier to 1,753 units, and the average price fell 1 per cent to $328,216, the city’s real estate board said Aug. 3.
Prices have fallen 11 per cent since February, according to Bloomberg calculations using Toronto Real Estate Board figures, and were little changed in July from a year earlier, ending annual price gains that peaked at 22 per cent in October………………………………………..Full Article: Source


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