Toronto's housing market continues to cool, with home sales in Canada's largest city in the first 14 days of August down 7.6% compared to the same year-earlier period, according to the Toronto Real Estate Board.
The declines were mainly due to stricter mortgage lending guidelines that came into effect at the beginning of July and an increase in home prices, said Ann Hannah, the president of TREB.
The average price of a home in Toronto for the first two weeks of August was 480,180 Canadian dollars(US$485,520), an increase of 9.2% from the same period in 2011.
Toronto's condo market led the decline in the city's home sales, falling 21% and was the only segment of the market that experienced price declines. Meanwhile, sales of detached homes were down 4% and semi-detached homes declined by 5%.
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