The number of homes sold in June in the Greater Toronto Area dropped an eye-popping 37.3 per cent compared with a year ago, according to the Toronto Real Estate Board. The decline in sales reflects the surcharge placed on sales to foreign speculators which was introduced by the Ontario government in April. Figures also show that the average sale price of homes in the GTA has fallen in response to the drop in sales from a high of more than $920,000 in April to about $794,000 in June. That number still left the price of a home 6.3 percent higher than it was in June of 2016. Housing stock on the market grew in the face of the two-month decline in sales. It was up year over year to 19,614 or an increase of 15.9 per cent.
Not true. “The province counts only real estate closings (in which a deed changes hands and is registered), not contracts between buyers and sellers. Normal practice is to have 60 or 90 days pass between an accepted offer and closing day, which means the sales counted in April and May were probably arranged during February and March – the absolute zenith of the GTA housing bubblefest.” – Garth Turner