Toronto Home Sales Drop, New Listings Slow As Sellers Retreat

Описание: http://stevemoranhomes.com. Home prices continued to fall across the Toronto region as buyers stayed on the sidelines, but the pace of new listings continued to slow as more owners decided to wait for a better time to sell. The average sale price for all home types sold in the Greater Toronto Area hit $746,000 in July, down 19 per cent from the market's peak in April. The average July sales price was still up 5 per cent compared to July last year, which means the market has still not erased the full amount of the price gains recorded in late 2016 and early 2017. Condo prices have help up the most since the market's peak in April due to better affordability for first-time buyers. The average condo sale price in the GTA was still up 23 per cent in July compared to a year earlier. Sales fell 40 per cent in July compared to the same month last year, driven by fewer sales of detached homes in Toronto and its surrounding areas. In my view, Toronto's market will likely follow the Vancouver playbook. You may recall a year ago a foreign buyers tax was introduced in Vancouver after which there was a dramatic decline in the number of homes sold and a cool down in prices followed by more subdued appreciation. Thanks once again for your attention. I would be happy to help you with your real estate needs. I can be reached at 416-949-1684 or you can visit me at http://stevemoranhomes.com. Have a great day!