Existing home sales down in Toronto

The Toronto market is showing its first tentative signs of a slowdown as sales of existing homes in the Greater Toronto Area fell by one per cent in May, compared with the same time last year.

The Toronto Real Estate Board recorded 9,470 sales last month, the first time this year that sales did not resoundingly beat 2009 levels.

“The pace of transactions slowed in May, following record setting sales in February, March and April,” said board president Tom Lebour.

The first few months of 2010 saw substantial sales, as buyers tried to beat mortgage rate hikes. The Bank of Canada raised their key overnight rate by 25 basis points this week as widely expected.

“Buyers who otherwise would have been purchasing a home in May moved quickly this year, likely to get ahead of the hikes,” said Lebour.

Source: yourhome.ca
Tony Wong
Business Reporter

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