With interest rates about to rise, just askin'
Toronto Home Sales Drop Most in Eight Years
Average prices dropped 14 percent in the last three months across the Toronto region to C$793,915, reflecting fewer sales of large homes. That compares with a 1 percent rise over the same period last year. Deals for single-family homes in Toronto and its surrounding regions fell 45 percent and average prices dropped 12 percent from April to C$1.06 million.
Even with the slowdown, the average detached home is still above C$1 million in the city and surrounding region, with prices up 7.8 percent in June. The composite benchmark price, which reflects the cost of a typical home, rose 25 percent in June from a year earlier, though it declined 1.3 percent on the month, the first drop since August 2014.