This is a significant change over the statistics from August 2011, where home sales experienced a 5.5% drop.
Despite the decline in sales, average buying prices surged, rising 6.5% to $479,095. The increase was fuelled by sales of detached homes across the GTA region.
Although sales are down, the Toronto Real Estate Board forecasts that the decline will result in some heavy competition between prospective buyers of low-rise homes in Toronto’s downtown core.
Consequently, the board sees that trend helping to bolster sales prices, which isn’t particularly good news for investors in acquisition mode.
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