Toronto housing market frothy; new home prices rise in May
OTTAWA (Reuters) - Strong growth in Toronto's housing market helped push up the prices of new homes in Canada by 0.3 percent in May, a month before the government announced it was tightening mortgage rules, according to Statistics Canada data released on Thursday.
The Toronto-Oshawa area posted a 0.5 percent increase on a monthly basis and 5.5 percent on the year. The annual increase for all of Canada was 2.4 percent, slightly down from 2.5 percent the month before.
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OTTAWA (Reuters) - Strong growth in Toronto's housing market helped push up the prices of new homes in Canada by 0.3 percent in May, a month before the government announced it was tightening mortgage rules, according to Statistics Canada data released on Thursday.
The Toronto-Oshawa area posted a 0.5 percent increase on a monthly basis and 5.5 percent on the year. The annual increase for all of Canada was 2.4 percent, slightly down from 2.5 percent the month before.
Read the full article here.