Toronto Real Estate Board( TREB) says a third consecutive month-to-month drop in home prices in the Toronto region in July, 2017.
Although the average price for all types of residences was still 5 per cent higher year over year, it was down about 6 per cent from June to $746,216.
The number of sales also fell 40.4 per cent time over year in July, 2017.
The CEO of Toronto real estate board cautioned that the traditionally slower summer sales aren’t best available market indicators.
“We generally envision an uptick in sales following Labour Day, as a larger cross-section of would-be buyers and sellers start to consider listing and or purchasing a property,” said John DiMichele in a news release on Thursday.
It will be the fall before the full impact of higher mortgage rates and new provincial housing policies, including a foreign purchasers’ taxation, is known, he said.
The biggest drop in sales continues to be in single-family dwellings where the number of detached home transactions dropped 47.4 per cent of the numbers, compared to a 30 per cent year over time reduction in condo sales.
Condo pries were up 23 per cent year over time, compared to only 4.9 per cent for detached homes.
While the benchmark price was up 18 per cent year over year, it was down 4.6 per cent from June.
Despite the significant decline in sales, the number of new listings only increased 5 per cent. If customers jump back into the market in the autumn, the expanded consumer choice of the spring and summer could decrease if there’s a commensurate upsurge in listings, said TREB director of market analysis Jason Mercer.”
The recent changes in the sales and price tendency have disguised the facts of the case that housing supply remains an issue in the GTA ,” he said.
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Source: Toronto Star
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