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New home sales continue to plummet in the Greater Toronto Area with the latest statistics from RealNet Canada Inc. showing a 52.1% drop in sales in December from a year ago.

At the same time inventory levels continue to rise year over year with unsold inventory in December climbing 29.1% from a year ago. The inventory levels did drop 2.2% from November.

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But RealNet Inc. says the real story in Toronto has become the lack of housing available in the low rise sector, which is impacting prices.

[np_storybar title=”Vancouver housing ranked second least affordable in world” link=”http://business.financialpost.com/2013/01/22/vancouver-ranked-second-least-affordable-housing-market-in-the-world/”]

Vancouver ranks as the second least affordable major city in the world after Hong Kong when it comes to buying a house, according to an international survey released this week. Continue reading.

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