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The HuffPost reports that Toronto's new home sales are plummeting due to disappearing demand. Investors are pulling out of the market, decreasing demand by 73% in September. Prices for these new homes is also dropping, done 17% to a still unbelievable 1.6 million dollars. Ontario's Fair Housing Plan, changes in the interest rate and stricter mortgage regulations are likely the culprits.
If the market slowdown is causing you to consider your options, contact us to see how we can help.