Toronto housing chill continues as mid-August sales plunge
Home sales across the Greater Toronto Area continued sliding into the middle of August, pushing prices into bear-market territory.
Purchases sank 35.6 per cent year-over-year in the first 14 days of August, according to Toronto Real Estate Board data obtained by BNN.
That marked a slight moderation from July, when full-month sales plummeted 40.4 per cent. Meanwhile, new listings fell 10 per cent year-over-year in the first half of August, according to the data released on Wednesday.
The average selling price at mid-month was $731,614, marking a 20-per-cent decline from the April peak of $920,791.
Toronto's housing market has been in the grips of a summer chill in the wake of government intervention after the provincial Liberals implemented a 16-point plan in late April in a bid to improve affordability amid rampant bubble fears early in the year.