Double Digit Decline From Same Time Last Year
Thursday May 03rd, 2018Share
Toronto Real Estate Board reported 7,792 transactions in April 2018 a 32.1% decline from the same time last year 2017 with 11,468 transactions were completed. Researchers believe April 2017 may have been the peak of the market as activity was soaring just before the new rules to cool the markets with vacant property taxes and non-resident speculation tax.
Home prices declined much larger on a year-over-year basis. The average home fell by 12.4% from last year April to $804.584. Sales were also down by 1.6% from March and home prices fell 0.2% from the month before.
Toronto Real Estate Board described the month-over-month changes as a minor and said sales trends have flattened out from the stepper drop from January and February this could be an indication for markets to slowly climbing out of the trouble.
MLS home price index benchmark reported 16,273 listings a 24.6% declined from the 21,571 listings seen last year at the same time.