Home sales slowed down through August so much that there was a 34.8 per cent drop in sales compared to last year. This marks the fourth month in a row where sales and home prices have dropped. July’s average price was sitting at $746,033 while August had an average price of $732,292.
Since the introduction of the 16 measures in April, the current average price has seen a significant drop. April’s average price was almost $1 million.
Not to mention, the number of new listings was the lowest recorded for August since 2010, and down 6.7 per cent from last year.
If you are currently searching for a property or have a plan to purchase property in the near future, contact our Real Estate Group with any questions or concerns you may have. Browse our Real Estate lawyers page and contact them directly, or, call our office at 416-449-1400 for more information.
By: Nicolas Di Nardo