Toronto home sales plunge last month, listings rise

The Guardian (Charlottetown) - - BUSINESS -

TORONTO — The Toronto Real Es­tate Board says the num­ber of homes sold last month plunged 37.3 per cent com­pared with a year ago, even as the num­ber of listings rose.

The board says 7,974 homes in the Greater Toronto Area changed hands in June while the num­ber of new prop­er­ties on the mar­ket climbed 15.9 per cent year-over-year to 19,614.

The av­er­age price for all prop­er­ties was $793,915, up 6.3 per cent from the same month last year.

The data comes after the On­tario govern­ment in­tro­duced rules aimed at cool­ing Toronto’s hous­ing mar­ket, where es­ca­lat­ing prices have con­cerned pol­icy-mak­ers at the mu­nic­i­pal, pro­vin­cial and fed­eral lev­els. On­tario’s mea­sures, which were retroac­tive to April 21, in­clude a 15 per cent tax on for­eign buy­ers in the Greater Golden Horse­shoe re­gion, ex­panded rent con­trols and leg­is­la­tion al­low­ing Toronto and other cities to tax va­cant homes.

Ex­perts have said that buy­ers have been wait­ing to see what the im­pact of the changes will be.

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