Canada’s home sales fall most in 7 years, as Toronto market plunges. The benchmark property price, which tracks a typical property over time, dropped 4.6 per cent to $773,000 from June. That’s the biggest monthly drop since records for the price index began in 2000, according to Bloomberg calculations, and brings prices down to roughly March levels.
OTTAWA, Dec 13 (Reuters) – Canadian home prices fell again in November, the third straight monthly decline and the largest November drop. slowdown in Toronto will be similarly short lived. The.
The benchmark Toronto property price, which tracks a typical home over time, dropped 4.6 per cent to C$773,000 (S$836,171) from June. That’s the biggest monthly drop since records for the price index began in 2000, according to Bloomberg calculations, and brings prices down to roughly March levels.
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On Thursday, the Toronto Real Estate Board reported that July home prices in Canada’s largest city suffered their biggest monthly drop on record amid government efforts to cool the market and the near-collapse of home capital group spooked speculators. The benchmark Toronto property price, while higher 18% Y/Y, plunged 4.6% to C$773,000 ($613,000) from June.
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As the top chart shows, Toronto prices were breaking records each month and deals were booming. In March, sales were up 18% and the average home price soared 33% from the prior year to C$916,567. That began to turn the following month when listings jumped 34 percent. Average prices started cooling in May, rising 15% and then up only 6% in June.
The index, which measures price changes for repeat sales of single-family homes, showed national home prices rose 0.9 per cent last month from April. Prices were up 4.6 per cent from a year earlier, an acceleration from April, and set a record nationally even as several key markets have passed their peak.
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Home prices in Canada’s largest city posted their biggest monthly drop in at least 17 years in July and sales plunged as government efforts to cool the market and the near-collapse of a mortgage lender made buyers leery. The benchmark Toronto property price, which tracks a typical home over time, dropped 4.6% to C$773,000 ($613,000) from June.
In the last two months alone, home prices in the Greater Toronto Area have dropped 14 percent. Back in April, an average Toronto home cost $920,791 – it is now $793,915, a whopping $126,876 drop.