Toronto home sales continue to plummet

The Toronto real estate market has been taking everyone for a ride with prices, especially for detached houses, soaring higher and higher.

However, the number of sales in the city - and across the GTA - seem to be nosediving.

As the Toronto Star reports today, according to real estate site Realosophy, sales across the GTA were down 44 percent last week compared to the week prior. Since the market's so topsy-turvy, Realosophy has been tracking sales data on a weekly basis.

House sales in the GTA fell 44% last week - the 8th straight week of falling sales with York Region leading the decline. pic.twitter.com/NJlLDEWEhm

— John Pasalis (@JohnPasalis) June 12, 2017

Apparently sales have been down over the past eight weeks, likely because there's been an influx of properties hitting the market.

Last week, the Toronto Real Estate Board released its monthly stats, which showed that home sales in the GTA were down 26 percent since May 2016.