Home prices, sales in Toronto record consecutive third month-to-month drop in July
The average prices of all types of houses were up by 5% year over year.
Apart from the prices, the sales of houses also dropped by 40.4% year over year in July.
The maximum drop in sales occurred in single-family houses where the number of detached house transaction dropped by 47.4% year over year.
The condo sales came down year over year in July by 30%.
The condo prices were up by 23% year over over. On the other hand, the prices for detached homes came down by 4.9% year over year in July.
The benchmark price was up by 18% year over year.
CEO of the Toronto Real Estate Board, John DiMichele said: "Summer market statistics are often not the best indicators of housing market conditions. We generally see an uptick in sales following Labour Day, as a greater cross-section of would-be buyers and sellers start to consider listing and/or purchasing a home."
(Reporting by Souvik Ghosh)
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