Toronto home prices in record monthly drop as sales plunge

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Prices were up 4.6 per cent from a year earlier, an acceleration from April, and set a record nationally even as several key markets have passed their peak. Prices rose in 10 of 11 major markets. Calgary bucked the trend, falling 3.3 per cent from April in the largest monthly drop recorded for the city.

On Thursday, the Toronto Real estate board reported that July home prices in Canada’s largest city suffered their biggest monthly drop on record amid government efforts to cool the market and the near-collapse of Home Capital Group spooked speculators. The benchmark Toronto property price, while higher 18% Y/Y, plunged 4.6% to C$773,000 ($613,000) from June.

On Thursday, the Toronto Real Estate Board reported that July home prices in Canada’s largest city suffered their biggest monthly drop on record amid government efforts to cool the market and the near-collapse of Home Capital Group spooked speculators. The benchmark Toronto property price, while higher 18% Y/Y, plunged 4.6% to C$773,000 ($613,000) from June.

The benchmark Toronto property price, which tracks a typical home over time, dropped 4.6 per cent to C$773,000 (S$836,171) from June. That’s the biggest monthly drop since records for the price index began in 2000, according to Bloomberg calculations, and brings prices down to roughly March levels.

The index, which measures price changes for repeat sales of single-family homes, showed national home prices rose 0.9 per cent last month from April. Prices were up 4.6 per cent from a year earlier, an acceleration from April, and set a record nationally even as several key markets have passed their peak.

Canadian Real Estate Outlook 2018 The Toronto Real Estate Board (TREB) is drawing attention to plummeting listings as home sales across the Greater Toronto Area broke another monthly record in May. "Whether we’re talking about existing homeowners or people looking to purchase for the first time, there is no shortage of buyers in the marketplace today," says Mark McLean.

If history is anything to go by, Hong Kong’s monthly residential real estate sales could plunge more than three-fold when that. who expects a 15 percent drop in home prices this year and a further.

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