New Toronto home prices just declined for first time since 2014
The cost of buying a new house in Toronto just went down – but don't rush into a bank just yet.
Statistics Canada reports that new home prices fell flat across the country in January of 2018. In Toronto, however, prices actually slipped by 0.1 per cent.
It's not much, but it marks the first decline we've seen in the price of new homes across Canada's largest real estate market since July 0f 2014.
These figures apply only to newly built houses, though. Condominiums, apartments and homes purchased from a previous owner don't factor into the price decline.
The Toronto Real Estate Board's monthly numbers show that the average selling price of all homes in Toronto continues to yo-yo wildly following the rollout of Ontario's new housing regulations.
The federal government actually pegs condos – which account for one-third of new housing in Canada – as an area of concern for overheated prices.
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