Toronto home prices are tanking as people abandon the turbulent market Toronto RealEstate
The Building Industry and Land Development Association announced on Monday that the Greater Toronto Area new home market experienced declining prices in June, while sales fell well below the ten-year average.
Condos, stacked townhomes, and lofts represented the majority of these sales, accounting for over 1,950 units. Similarly, a generous year-over-year increase of 11 per cent was overshadowed by a 21 per cent dip below the ten-year average. A decline in sales — at least using long-term metrics — coupled with a spike in inventory has had what BILD describes as"a softening impact on prices."
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