Toronto home prices in record monthly drop as sales plunge

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Condos accounted for 30 per cent of total Toronto sales in May. Unlike prices for detached homes, which are down almost 10 per cent from the peak last year, condo prices have continued to climb,

On Thursday, the toronto real estate board reported that July home prices in Canada’s largest city suffered their biggest monthly drop on record amid government efforts to cool the market and the near-collapse of Home Capital Group spooked speculators. The benchmark Toronto property price, while higher 18% Y/Y, plunged 4.6% to C$773,000 ($613,000) from June.

In key cities around the world, the red-hot market for real estate has abruptly turned cold. In London, home prices. drop in sales for homes – mostly condos – priced between $500,000 and $800,000,

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As the top chart shows, Toronto prices were breaking records each month and deals were booming. In March, sales were up 18% and the average home price soared 33% from the prior year to C$916,567. That began to turn the following month when listings jumped 34 percent. Average prices started cooling in May, rising 15% and then up only 6% in June.

Toronto Home Prices See Biggest Drop On Record As Sales Plunge 40% The average price has declined by $175,000 since its peak earlier this year.

Prices were up 4.6 per cent from a year earlier, an acceleration from April, and set a record nationally even as several key markets have passed their peak. Prices rose in 10 of 11 major markets. Calgary bucked the trend, falling 3.3 per cent from April in the largest monthly drop recorded for the city.

Toronto Real Estate Board says average sale price of homes sold in the GTA hit $746,218 in July, down 19 per cent from market’s peak in April. Toronto home prices plunge as buyers retreat.