Toronto home sales in July drop 40 per cent com­pared with a year ago

The Guardian (Charlottetown) - - BUSINESS -

TORONTO – The Toronto Real Es­tate Board says prop­erty sales tanked 40.4 per cent last month com­pared with July 2016.

The drop was led by the de­tached home mar­ket both in City of Toronto and the sur­round­ing ar­eas. The board says the Mul­ti­ple List­ing Ser­vice com­pos­ite bench­mark price was up 18 per cent on a year-over-year ba­sis. How­ever, the bench­mark was down 4.6 per cent com­pared with June. The lat­est data fol­lows moves by the On­tario gov­ern­ment ear­lier this year to rein in the real es­tate mar­ket.

Home prices have been on a de­cline since April, when the prov­ince in­tro­duced more than a dozen changes -in­clud­ing a 15 per cent tax on for­eign­ers pur­chas­ing prop­erty – aimed at cool­ing the Greater Toronto Area’s real es­tate mar­ket.

The board says for­eign buy­ers rep­re­sent a small part of the real es­tate mar­ket and the de­cline has more to do with po­ten­tial home­buy­ers wait­ing to see how mar­ket con­di­tions evolve.

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