Home sales in the greater toronto area, Canada’s largest housing market, plunged 35% in February compared to a year ago, to 5,175 homes. The plunge in volume was spread across all types of homes. Even the previously white-hot condo sector froze over: detached houses -41.2% semi-detached houses -28.
The recent downturn in the resale housing market in the Toronto. recent drop in home sales in the Toronto region. The number of homes sold in the Greater toronto area fell 37 per cent in June.
Condos accounted for 30 per cent of total Toronto sales in May. Unlike prices for detached homes, which are down almost 10 per cent from the peak last year, condo prices have continued to climb,
As the top chart shows, Toronto prices were breaking records each month and deals were booming. In March, sales were up 18% and the average home price soared 33% from the prior year to C$916,567. That began to turn the following month when listings jumped 34 percent. average prices started cooling in May, rising 15% and then up only 6% in June.
Toronto real estate sales may be cooling, but that didn’t stop condo prices from hitting a new high. Toronto Real Estate Board (TREB) numbers show condo prices hit a new record in May, despite slowing sales. The slowing sales are starting to become a drag on price growth, as inventory swells to a multi-month high.
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Toronto prices drop 12% as sales plunge. The number of sales also plunged nearly 35 per cent last month compared to Feburary 2017 – to 5,175 transactions from last year’s record 7,955, according to the latest statistics from the Toronto Real Estate Board (TREB) on Tuesday.
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Record. I watch the price action closely. The price of lumber, like crude oil and copper, is a barometer of economic growth and it is a sign of expansion or contraction when it comes to the housing.
In the last two months alone, home prices in the Greater Toronto Area have dropped 14 percent. Back in April, an average Toronto home cost $920,791 – it is now $793,915, a whopping $126,876 drop.