Toronto home sales drop 17%

Sales of existing homes in the Greater Toronto Area in March were 17 percent lower than a year ago, the local real estate board said Wednesday.

Market observers are eagerly watching housing data this season to see if the market will experience a spring rebound. Finance Minister Jim Flaherty scolded banks in March for cutting their mortgage rates, fearing that the low rates could cause the housing market to heat up again. The government has taken steps to cool the market because of fears that consumer debt levels and house prices are too high.