Toronto Real Estate Board( TREB) reports a third consecutive month-to-month drop in home prices in the Toronto region in July, 2017.
Although the average price for all types of homes was still 5 per cent higher time over time, it was down about 6 per cent from June to $746,216.
The number of listings likewise fell 40.4 per cent of the numbers in time over time in July, 2017.
The CEO of Toronto real estate board cautioned that the traditionally slower summertime sales aren’t the best sell indicators.
“We generally appreciate an uptick in sales following Labour Day, as a greater cross-section of would-be buyers and sellers start to consider to enter the market for purchasing a residence,” replied John DiMichele in a news release on Thursday.
It will be the autumn before the full impact of higher mortgage rates and new provincial housing policies, including a foreign purchasers’ tax, is known, he said.
The biggest decline in sales continues to be in single-family houses where the number of detached home transactions fell 47.4 per cent, compared to a 30 per cent time over time reduction in condo sales.
Condo prices were up 23 per cent in time over year, compared to only 4.9 per cent for detached homes after July, 2017.
While the benchmark price was up 18 per cent in time over time, it was down 4.6 per cent from June, 2017.
Despite the significant decline in sales, the number of new listings merely increased 5 per cents. If buyers hop back into the market in the fall including expanded customer base of the spring time and summer, it could decrease their options if there’s not a commensurate upsurge in listings, articulated TREB director of marketplace analyst Jason Mercer.
“The recent developments in the sales and price tendency have disguised the fact that housing prices and availability remain issues in the GTA,” he said.
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Source: Toronto Star
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