Toronto Home Sales Fall in July

03 Août, 2017, 19:58 | Author: Claudine Rigal
  • A'For Sale sign sits in front of a house in Toronto

The average selling price of all homes was $746,218 and while that up five per cent from last July, it was down from $920,791 in April 2017.

Sales in Toronto fell 40.4% last month from a year ago, the Toronto Real Estate Board (TREB) said in a report.

"Clearly, the year-over-year decline we experienced in July had more to do with psychology, with would-be home buyers on the sidelines waiting to see how market conditions evolve", said Toronto Real Estate Board President Tim Syrianos in a statement Thursday.

The number of homes newly listed for sale was only slightly over a year ago at 5.1 per cent. If buyers jump back into the market in the fall, the expanded consumer choice of the spring and summer could shrink if there's a commensurate surge in listings, said TREB director of market analysis Jason Mercer.

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The Ontario government introduced a number of measures in late April, including a foreign buyers' tax, in a bid to cool the housing market in Toronto and the surrounding areas amid fears of a bubble.

Condo prices have held up the most since the market began its downturn in April due to their relatively better affordability for first-time home buyers. TREB said the average condo sale price in the GTA was still up 23 per cent in July compared to a year earlier, while detached and semi-detached house prices were both up about 5 per cent compared to July, 2016.

Home sales have been falling at an accelerating rate ever since Kathleen Wynne's government revealed its so-called Fair Housing Plan on April 20, which was meant to improve affordability amid mounting fears that Toronto's housing market was in a full-blown bubble.

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