Aug 04, 2022
By Jane Brown
Toronto’s housing market continues to cool down as the number of sales in July fell 47 percent from July of 2021 and 24 percent from this past June.
The latest report from the Toronto Regional Real Estate Board says the substantial drop in sales is an indication that the market is moderating from the frenzied pace seen in the first half of this year and last year.
Much of the moderation is attributed to higher interest rates which have quelled many sellers’ hopes of getting big money for their homes.
As for the average selling price in the GTA last month, it was just under $1,075,000, which is a one percent hike from July of last year but a six percent drop from about $1,146,000 in June of this year.
The GTA housing market also saw a drop in new listings, which amounted to just over 12,000 last month, down four per cent from a year ago.