March 28, 2024 23:12 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Actor Govinda returns to politics after 14 years of 'vanvas', joins Eknath Shinde camp | 'To browbeat and bully others is vintage Congress culture': PM posts after 600 lawyers write to CJI | Comments on our electoral, legal processes completely unacceptable: India on US' remarks over Kejriwal arrest | Delhi High Court rejects PIL seeking removal of Arvind Kejriwal as CM | MHA extends AFSPA in 3 districts of Arunachal Pradesh for 6 months
GTA home sale plunges, touches lowest point since 2010

GTA home sale plunges, touches lowest point since 2010

India Blooms News Service | | 17 Jul 2017, 11:34 pm
Ottawa, July 17 (IBNS): Following the plunge of the Greater Toronto market, the home sale in Canada touched its lowest point last month since 2010, media reports said.

The Canadian Real Estate Association (CREA) said on Monday that the selling of home in Canada recorded its lowest in the last seven years.

In a statement, CREA chief economist Gregory Klump said: "Changes to Ontario housing policy made in late April have clearly prompted many homebuyers in the Greater Golden Horseshoe region to take a step back and assess how the housing market absorbs the changes."

“The recent increase in interest rates could reinforce a lack of urgency to purchase or, alternatively, move some buyers off the sidelines before their pre-approved mortgage rate expires," he added.

"In the meantime, some move-up buyers who previously purchased a home before first selling may become more motivated to reduce their asking price rather than carry two mortgages" Klump stated.

The transaction for the sale of houses decreased by 6.7% as compared to May on a monthly basis.

The CREA recorded its consecutive drops in last three months by 15.1%.

One of the biggest reason for the dip in sale of houses is considered to be the imposition of 15% tax on foreign buyers by the Ontario government.

The sales were down in cities like Lower Mainland in B.C., Montreal and Quebec City.

Image: Creative Commons.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.