Toronto area sees 35% drop in home sales from year ago: TREB

Toronto area sees 35% drop in home sales from year ago

By Special to MoneySense on October 4, 2017
Estimated reading time: 1 minute

However, average selling price is up

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TORONTO — Home sales in the Greater Toronto Area were down 35 per cent in September compared with the same month last year, although prices generally continued to increase. The Toronto Real Estate Board says sales of all major types of residential property were down but the biggest decline was a 40.4 per cent drop in sales of detached homes. The average selling price for all types of property sold in September was up 2.6 per cent from a year ago, rising to $775,546. The board says high-priced detached homes accounted for a smaller share of sales than in September 2016 and that the average price for that market segment was flat. Meanwhile the average price for condos was up 23.2 per cent to $520,411 and average prices for semi-detached houses was up 7.4 per cent at $752,379. TREB’s benchmark price index, which adjusts for different property types, was up 12.2 per cent from the same time last year. READ ABOUT BEST DEALS IN REAL ESTATE 2017: