For the first time since prices began plummeting earlier this year, the average price of a single detached home in Toronto was lower than it was a year ago, according to the latest report from the city’s real estate board.
Semi-detached homes, townhouses and condos all saw year-over-year increases at 4.9 per cent, 6.3 per cent and 6.9 per cent respectively. Condos saw a boom in the 905 region with an almost 12 per cent jump to $659,800. Sales dropped by 47 per cent in the GTA compared to a year earlier with new listings declining by four per cent on a year-over-year basis in July and they are expected to drop further for the rest of the year into 2023, tightening housing supply, he said.
Kevin Crigger, TRREB president, is calling on the government to boost housing supply to alleviate the tightening market, in addition to helping existing homeowners afford the rising costs by suggesting longer mortgage amortization periods of up to 40 years on renewals.
Source: Real Estate Daily Report (realestatedailyreport.net)
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