COOLING OF GTA HOUSING MARKET CONTINUES, SALES DOWN 41% FROM JUNE 2021

Jul 06, 2022

By Bob Komsic

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TORONTO – The Toronto Regional Real Estate Board says the market continued to see a cool-down in June with sales dropping 41 per cent compared with the same month last year.

The board says about 6,474 homes changed hands last month, down from 11,053 during the prior June.

It says June sales were also down compared with May.

While the board attributes some of the decrease to seasonal trends, it says the figures suggest the current, cooler market conditions will persist into the summer.

Realtors and economists say the sales slowdown is being triggered by rising interest and mortgage rates as well as inflation, which recently hit 7.7 per cent, the highest it’s been in almost 40 years.

The board says the average home price in the region stretched to just over one-million, one-hundred and 46-thousand dollars last month, a roughly five per cent increase from June 2021.

New listings rose by one per cent last month, but dropped 12 per cent from May.

(The Canadian Press)

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