Weak Toronto home sales drag national market way down
For the past few months, folks tuned into the local real estate market have been speculating that things in Toronto were starting to cool down.
According to the latest data from the Canadian Real Estate Association, home sales are down across the country. "June sales were down from the previous month in 70 percent of all local markets, led overwhelmingly by the Greater Toronto Area (GTA)," reads a report that came out today.
Led by the Greater #Toronto Area, đ¨đŚ MLSÂŽ home sales drop added 6.7% in June; now 14.1% below March peak. https://t.co/4DcMn2oqCk #CREAstats pic.twitter.com/5Rp55JTykO
â CREA | ACI (@CREA_ACI) July 17, 2017
For the third month in a row, home sales declined in Canada. They dropped 6.7 percent from May to June 2017 and decreased by 11.4 percent in comparison to June 2016.
The CREA says this is the biggest national decline since 2010.
While listings in the Golden Horseshoe area were at all-time lows earlier this year, they're now picking up, meaning there are more homes for sale on the market.
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