Continued slump aggravated by government policies and concerns over a market crash
Housing prices in Toronto continued their summer slump in August as government regulations and fears about a market softening curbed demand in Canada’s biggest city.
The average price for all housing types declined 1.9 per cent last month from July to $732,292, according to the Toronto Real Estate Board. This represented a 20 per cent drop from the March peak, when the average cost of buying a home in the Toronto region climbed close to $1 million.
“The relationship between sales and listings in the marketplace today suggests a balanced market,” TREB director of market analysis Jason Mercer said, as quoted by Bloomberg.
Mercer added that if current conditions are sustained, there would likely be a return to price growth above inflation on a year-over-year basis.
Compared with August 2016, the average home price rose 3 per cent (up to $732,292), while the benchmark price jumped 14.3 per cent (up to $755,400).
Sales dropped 35 per cent in August on a year-over-year basis (down to 6,357 deals), while new listings fell to the lowest level for the month in seven years (down to 11,523).
The latest TREB numbers can be viewed here.
Related stories:
Alternative mortgages thriving amid Toronto market’s current conditions
New condo-living organization enters the scene in Ontario
The average price for all housing types declined 1.9 per cent last month from July to $732,292, according to the Toronto Real Estate Board. This represented a 20 per cent drop from the March peak, when the average cost of buying a home in the Toronto region climbed close to $1 million.
“The relationship between sales and listings in the marketplace today suggests a balanced market,” TREB director of market analysis Jason Mercer said, as quoted by Bloomberg.
Mercer added that if current conditions are sustained, there would likely be a return to price growth above inflation on a year-over-year basis.
Compared with August 2016, the average home price rose 3 per cent (up to $732,292), while the benchmark price jumped 14.3 per cent (up to $755,400).
Sales dropped 35 per cent in August on a year-over-year basis (down to 6,357 deals), while new listings fell to the lowest level for the month in seven years (down to 11,523).
The latest TREB numbers can be viewed here.
Related stories:
Alternative mortgages thriving amid Toronto market’s current conditions
New condo-living organization enters the scene in Ontario
