According to data released by the Toronto Real Estate Board earlier this week, 6,379 homes were sold last month, declining by 35% from September 2016.
However, “consumer polling undertaken for TREB in the spring suggested that buying intentions over the next year remain strong,” Board president Tim Syrianos said in a statement, as quoted by Bloomberg.
Benchmark prices fell 0.6% from August, bringing declines since May to 8%, according to the Board’s data. Despite this, home values were still up 12% from a year earlier.
The September drop was the smallest since the slump began. New listings were up 9.4% from a year earlier to 16,469, leaving the sales-to-new listings ratio at 39%, a level economists consider to be between a balanced and a buyers’ market.
The correction is primarily in Toronto’s detached market, where average prices exceeded $1 million. Single family detached homes are down 0.6% in September and 11% since May. Condominium prices have fallen just 1.5% from their peak, and were little changed in September.
The average price for all property types rose 2.6% from a year earlier to $775,546. That’s up 6% from the August average of $732,292.
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Toronto’s housing prices have increased over two-fold since the previous decade’s recession, despite September sales remaining sluggish and home prices falling for the 4th straight month (especially in the detached-home segment).