Toronto Home Sales Cool Amid Signs Prices May Be Next to Fall
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Sales halved in first two weeks of June, listings rose 22%
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Slowdown puts Toronto more in line with other big cities
Here’s more evidence that one of the world’s hottest housing markets is cooling down.
Home sales in Toronto fell by half to 2,999 in the first two weeks of June from the same period a year earlier, according to preliminary data from the Toronto Real Estate Board obtained by Bloomberg News. The average price for all property types rose 6.7 percent to C$808,847 ($608,888), easing from a 17 percent gain last June. And listings surged 22 percent.
“You’re having different conversations: for buyers, now we can see five to six properties in one day instead of ‘let’s go run and see this one because it’s the only one,’” Tom Storey, a Royal LePage real estate agent in downtown Toronto, said by phone. Sellers “used to list for six days and see offers, now we’re starting to see conditions creep back into the market like home inspections.”…
Toronto Home Sales Cool Amid Signs Prices May Be Next to Fall
