Halfway into the year, the Toronto area housing market is on its way to a sixth consecutive month of declining sales. In the first half of June, 4,374 existing homes were sold, 14 per cent fewer than the 5,074 that changed hands a year earlier, says the Toronto Real Estate Board.

 


“We are starting to push the limits of affordability, and what you are seeing now is less hyperactive buying in the market” said Toronto housing analyst Will Dunning.

 


New-home sales are also down significantly in the Toronto area, by 23 per cent in the first five months of the year.