Toronto home sales plunge last month, listings rise
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.