Toronto's roller-coaster real estate market took a swoop lower in August, the fourth-straight month that the average sales price in Canada's largest city declined from a dizzying record high set in April.
A federal proposal to have lenders shoulder more of the risk for potential mortgage defaults could dampen lending or intensify a decline in house prices, according to internal documents from the Department of Finance.
Newly released data from the Ontario government shows half of real estate transactions involving a foreign buyer in the Greater Golden Horseshoe region took place in Toronto the month after the province introduced a new tax on non-residents.
The Bank of Canada hiked its benchmark interest rate Wednesday for the first time in nearly seven years in what may be the beginning of the end of the era of cheap borrowing that has fuelled the hot housing market and record levels of debt.
The CEO of Sotheby's International Realty Canada says a modest increase in the overnight lending rate will probably have very little impact on the Canadian housing market, particularly in the high-end segment.