Toronto – The average Toronto home price was C$793,915 ($611,880), up just 6.3 percent from last year, compared with a 14.9 percent annual increase in May.
The same data can also be interpreted as a reduction in average Toronto home price of 8.6 percent in just one month from May to June.
Toronto real estate market also faces another challenge as the Bank of Canada has set the stage for a rate hike. This rate hike could hurt affordability and that can add to further price reduction.
TREB forecast 2017 sales at between 89,000 and 100,000 homes, down from 2016’s record 113,044 homes.