Toronto-area home sales down 47% from last July, 24% from June: real estate board | Globalnews.ca

TORONTO — The moderation of the Greater Toronto Area’s housing market intensified last month as the region’s real estate board found July sales fell 47 per cent from the same time last year and 24 per cent from this past June.revealed Thursday that last month’s 4,912 sales were almost half of the 9,339 homes that changed hands the July before and are an indication that the market is easing from the frenzied pace seen in the first half of the year and at the end of 2021.

Some sellers are even terminating their listings to take advantage of the hot rental market, where vacancies are dropping and prices are up. Prices of semi-detached homes were up by nearly five per cent from last July to $1,077,750, while sales fell 45 per cent to 474.Story continues below advertisement

TRREB felt the numbers necessitate government intervention, including boosting housing supply and reviewing mortgage policies.

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