Record Home Sales, Despite New Federal Mortgage Lending Guidelines
TORONTO, March 3, 2016 – The Toronto Real Estate Board reported a record number of home sales for the month of February. Sales were up 21.1 per cent compared to February 2015 and surpassed the previous record set back in 2010, despite the new federal mortgage lending guidelines coming into effect that require at least a 10 per cent down payment on the portion of purchase prices between $500,000 and $1,000,000. With strong sales up against a constrained supply of listings, home prices will continue to trend strongly upward.
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Data Source: Toronto Real Estate Board (TREB) Market Watch