real estate toronto

Toronto home sales plummeted 40 percent in July

Way fewer homes changed hands last month since one year ago when the Toronto real estate market seemed to be on the up and up.

According to the Toronto Real Estate Board's latest report, home sales dropped 40.4 percent in July 2017 compared to July 2016. TREB notes that sales of detached houses fell the most - 47.4 percent, reports the Globe and Mail.

When looking at year-over-year changes, prices were up. The average price of a house (including detached, semi-detached, townhouses and condos) in the GTA was $746,218 last month, up five percent since July 2016. Month-to-month, however, prices declined since June.

"A recent release from the Ontario government confirmed TREB’s own research which found that foreign buyers represented a small proportion of overall home buying activity in the GTA," said TREB president Tim Syrianos in a news release.

"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."

Lead photo by

youriguide


Join the conversation Load comments

Latest in City

Pet groomers are confused about whether they're allowed to operate in Toronto right now

Air Transat is cancelling all flights out of Toronto until the spring

Toronto mayor says it's time to start talking about reopening

Canadian Tire stores in Toronto say they were forced to turn away seniors during storm

Toronto police looking for suspect in hate-motivated attack at Yonge-Dundas Square

People in a Toronto park jumped into an icy pond to save a dog

Someone in Toronto is hiding free money around for people to find

This is what's happening to Toronto's public payphones