GTA house sales down 35% as listings leap to 19,600
Sales of existing homes through the Toronto Real Estate Board (TREB) plunged 37.3 per cent in June, compared to June 2016, following a 20 per cent year-over-year decline a month earlier.
Meanwhile the number of listings soared nearly 16 per cent as sellers attempted to catch rising prices.
TREB said 7,974 homes 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 June average price for all properties was $793,915, up 6.3 per cent from the same month last year, but down from $863,910 in May 2017.
The sales slump came after the Ontario government implemented new rules, retroactive to April 21, intended to cool Toronto’s white-hot real estate market. The measures include a 15 per cent tax on foreign buyers in the Greater Golden Horseshoe, expanded rent controls and legislation allowing Toronto and other cities to tax vacant homes.
"We are in a period of flux that often follows major government policy announcements pointed at the housing market," said TREB president Tim Syrianos.
In May, the latest numbers available as of press time, total sales of new homes in the GTA were down 36 per cent from the same month a year earlier, reports Altus Group, despite a 61 per cent increase in sales of high-rise concrete condominiums.