It’s been a quiet summer so far for the Greater Toronto Area housing market.
The latest data from the Toronto Regional Real Estate Board on Thursday showed home sales sank 47.4 per cent year-over-year in July. Sales activity was down 24.1 per cent on a monthly basis.With some homebuyers sitting on the sidelines, it appears some would-be sellers are choosing to hold off listing their properties.New listings fell 4.1 per cent in July from the year before.
said it expects new listings to continue to follow sales trends into next year.Amid less competition among buyers, the average selling price of a property extended a slide from the February peak, reaching $1,074,754 last month, led by the single-family home segment.
, in a release.He called on the federal government to implement measures to improve affordability for buyers in the face of rising borrowing costs and high inflation.“City of Toronto Council should reflect on its recently approved 46 per cent increase to development charges, bringing the average cost of all government charges and fees to an astounding $350,000+ for every new detached house and over $180,000 for a new condominium,” Crigger said.
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