Toronto home sales drop 40% compared with a year ago
Average selling price of all homes in GTA was $746,218, up 5% from a year ago
The Canadian Press Posted: Aug 03, 2017 7:24 AM ET Last Updated: Aug 03, 2017 8:54 AM ET
Home sales in the Greater Toronto Area tanked last month and prices continued to recede, the city's real estate board said Thursday, further evidence that provincial measures aimed at cooling one of the hottest housing markets in North America may be working.
The number of transactions fell 40.4 per cent in July compared to the same month last year, driven by fewer sales of detached homes in Toronto and its surrounding areas.
Home sales in Greater Toronto Area plunged 37.3% last month
Toronto housing market downturn to be short-lived, federal housing agency says
The average selling price of all homes in the Greater Toronto Area was $746,218, up five per cent from a year ago.
However, it's the third consecutive monthly decline and the average price down nearly $175,000 since April, when the Ontario government introduced more than a dozen changes — including a 15 per cent tax on foreign buyers — in an effort to stabilize prices that were spiralling out of reach for many homebuyers.
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http://www.cbc.ca/news/canada/toront...july-1.4233295