Home sales fall 6.47 per cent Nationwide in June, biggest monthly drop since 2010

Toronto – July 17, 2017 – Home sale transactions were down 6.47 per cent in June compared with May on a national basis. June 2017 was the third consecutive monthly decline, and biggest since 2010.

Greater Toronto Area experienced a 15.1 per cent drop in sales. The Changes made to the housing policy in later April appear to have impacted the home sales by pushing many homebuyers to the sidelines.

The mortgage rates have also started to rise with the  recent interest rate increase by The Bank of Canada of 25 basis points to 0.75%.

The national average price for a home in June was $504,458, up 0.4 pre cent from a year ago. If the GTA and Vancouver markets are excluded, the average price was $394,660.

Home prices are still up in June 2017 compare to June 2016. It would be interesting to see, if the slump in home sales would impact home prices.