Toronto home sales plunge and prices slide as rising borrowing rates bite

Toronto home prices slid three per cent on a month-over-month basis and sales slowed significantly in April as rising interest rates started to weigh more heavily on the housing market. While the average home price of $1.254 million was still up 15 per cent from last year, sales were off 41 per cent from last April and down 27 per cent from the month prior, the Toronto Regional Real Estate Board said Wednesday.-- More...