“Only thing colder than Toronto right now is its housing market” via Financial Post

The only thing that might be colder than Toronto in January is the city’s housing market.

While the bleak mid-winter is never the best time to sell a home in Canada, a string of open houses in the country’s largest city were chillingly empty on a recent Saturday afternoon. Tougher mortgage rules went into effect on Jan. 1 just as higher interest rates began to bite, and the market’s on edge, waiting to see if a downturn that began last year will accelerate under the added pressure.

“Lots of people are sitting on the sidelines waiting or hoping that prices would fall,” John Pasalis, president of Toronto-based Realosophy Realty Inc., said in a phone interview. “I don’t expect to see a rapid increase in prices or a big turnaround this year.”

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