Toronto home sales plummeted 37.3% in June

Fewer house are changing hands in the Toronto area as home sales dropped 37.3 percent last month in comparison to June 2016.

In Toronto proper, according to the Toronto Real Estate Board's latest report, detached home sales plummeted nearly 43 percent compared to June 2016.

Across the GTA, 19,614 new residential listings hit the market for a year-over-year increase of 15.9 percent. Two months ago, the number of listings was up 48.9 percent since May 2016.

“We are in a period of flux that often follows major government policy announcements pointed at the housing market," said TREB president Tim Syrianos in a news release.

"On one hand, consumer survey results tell us many households are very interested in purchasing a home in the near future, but some of these would-be buyers seem to be temporarily on the sidelines waiting to see the real impact of the Ontario Fair Housing Plan. "

Year-over-year, prices across the GTA are up 6.3 percent.