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.
The hike has encouraged people to rethink their housing intentions. Prospective buyers are holding out for further drops they and brokers anticipate could materialize in the fall, while sellers are debating making what they can from their home now or waiting for the market to turn in their favour again.
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. TRREB felt the numbers necessitate government intervention, including boosting housing supply and reviewing mortgage policies.
Can the prices also drop 24%? 😩
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