Sales and prices in both the Toronto and Vancouver housing markets slumped in July.
There were 9,390 property sales across the Greater Toronto Area (GTA) in July, according to data from the Toronto Regional Real Estate Board (TRREB). That represents a 2% drop from June and a 40% plunge from the record 15,652 sales seen in March of this year.
The average selling price across the GTA was flat from a month earlier at $1.06 million in July, a 12.6% increase compared to a year earlier. The average price hit a record high of $1.11 million in May of this year.
While sales activity fell sequentially in all four major property categories, prices found some support as inventories tightened. There were 9,732 active home sale listings in the GTA at the end of July, compared to 11,297 in June.
Meanwhile, the Real Estate Board of Greater Vancouver said home sales, listings and prices all cooled off in July after a frenzied start to 2021.
Home sales in the region totaled 3,326 last month, a 6.3% increase from the 3,128 sales recorded in July 2020 and an 11.6% drop from the 3,762 homes sold this June.
The real estate board said July sales were still 13.3% higher than the 10-year July sales average. The number of homes listed for sale in the Vancouver market during July reached 9,850, an 18.5% decrease from 12,083 last year and a 9.1% decrease from 10,839 this June.
The average price of a home sold in the Vancouver area was $1.18 million in July, a 13.8% increase from a year ago but unchanged from June this year.