The Toronto Real Estate Board’s latest market housing figures release says that 2,857 homes were sold in the Greater Toronto Area during the first 14 days of August, which is a 7.6 per cent drop compared to last year.
“A number of factors played into the dip in sales in the first half of August,” said Ann Hannah, the president of the Toronto Real Estate Board. “Sales growth in the spring was very strong, suggesting that some buyers sped up their decision to buy. Stricter mortgage lending guidelines that came into effect at the beginning o July likely prompted some households to put their buying decision on hold. Finally, relatively higher home prices and the additional upfront cost of the City’s land transfer tax go a long way to explain the more pronounced dip in sales in the 416-area code.”
The average selling price in the Greater Toronto Area over this time rose 9.2 per cent to $480,180.
“The strong annual rate of price growth so far in August was driven by the single-detached market segment, particularly in the City of Toronto,” said Jason Mercer, the Toronto Real Estate Board’s senior manager of market analysis. “While this segment of the market has been consistently tight over the past year, the strong double-digit price growth for single-detached houses in the city suggests that the mix of houses sold this year compared to last also changed, with higher end homes accounting for a greater share of sales this year,” he said.
The full press release is available here:
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