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

Toronto man walks on car after it blocks pedestrian walkway

Toronto protests changes to Ontario sex-ed curriculum

Toronto neighbourhood fights back against real estate agent

The 10 most beautiful places to walk in Toronto

Vote for your favourites in 15 new best of categories

This is what the revamped park in Kensington Market looks like

PETA finally gets its vegan ads in TTC subway stations

Toronto could soon become a lot more motorcycle friendly