Housing sales cool off in T.O.

Consumer homebuying intentions in the Toronto area have dropped sharply this year, according to Canada Mortgage and Housing Corp.

About 6 per cent of households intend to buy a home this year, down from 9 per cent in 2007.

Among potential first-time buyers, who have been a key driver in Toronto, buying intentions have also cooled — 40 per cent want to buy this year, compared to 47 per cent last year.

This year has seen four consecutive monthly decreases as the market cools.