Toronto home sales decline continues into June
The number of house sales is still dropping as new listings hit the market.
Last week was the eighth consecutive week that real estate sales declined in the GTA, according to Realosophy. (Andrew Francis Wallace / Toronto Star File Photo)
Excerpted from The Toronto Star
Mon., June 12, 2017
Toronto-area lawns are still sprouting “For Sale” signs even as the number of home purchases continued to decline into June, says online brokerage Realosophy.
It found that sales of houses (detached, semi-detached and towns) across the region were down 44 per cent last week compared to the previous week.
York Region is still showing some of the largest declines of about 60 per cent in some areas, said company president John Pasalis.
"The sales numbers keep getting worse,” he said. “It's like they've fallen off a cliff. It's this downward momentum week after week."
Although the Toronto Real Estate Board (TREB) issues monthly statistics, Pasalis said he started tracking weekly sales because the market is so volatile, although he acknowledged that it represents a small sample.
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His numbers show that June, so far, is continuing some of the downward trends TREB identified in May. It reported that prices had slipped about 7 per cent from April, although homes still cost about 15 per cent more than they did in May 2016.
In fact, last week was the eighth consecutive week that sales declined, according to Realosophy.
Meanwhile, the number of re-sale homes on the market rose 43 per cent last month compared with May 2016.
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