The industry group said actual sales, not seasonally adjusted, slumped 11.4 percent from June 2016, while home prices surged 15.8 percent from a year earlier, according to the group’s home price index.
CREA said changes to housing rules in Ontario, Canada’s most populous province and home to Toronto, prompted homebuyers to wait and see how the market would react to yet another attempt to rein in the housing boom.
Ontario introduced a 16-point plan to douse speculation blamed for fueling an extended housing boom. The changes included a 15-percent foreign buyers tax similar to one imposed in Vancouver in 2016.
Rising interest rates, including higher mortgage rates and a move by the Bank of Canada last week to hike its official...