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.
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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.