11 May This is why this type of Toronto property took a huge plunge last quarter.
Original article via BuzzBuzzNews. Click here to read.
While the GTA housing market saw activity fall across all property types in the first quarter of 2018, one market was hit harder than others.
According to data from Royal LePage, Toronto luxury property sales fell 68 per cent year-over-year in the first quarter of 2018, down to just 90 transactions. The city also fell from 11th to 18th place on Knight Frank’s international luxury housing market index.
Why the steep drop in sales? A new mortgage stress test implemented on January 1 and a rising interest rate environment could have something to do with it. But according to Toronto-based realtor Jimmy Molloy, it’s the year-over-year comparisons that are making the drop seem so dramatic.