July 2017 Toronto real estate market stats: Market continued to adjust
Sales reported in the TREB MLS System for July 2017 were down by just over 40% on a year-over-year basis. The average selling price for all home types combined was up by 5% compared to July 2016. The number of new listings rose by 5.1% while active listings were up significantly from July 2016, benefiting buyers with more choice in the market, at least for the short term based on current pace of sales activity.
Three levels of government have introduced housing regulations since October 2016, seen as necessary to cool prices. This has result ed in some buyers facing greater affordability constraints, while others have adopted a “wait and see” psychology, similar to what was experienced in the Vancouver market after new regulations were introduced last year, both of which have impacted sales activity over the past several months.
Also published on Medium.