Missing Chinese money? Hardest hit is the priciest segment: detached houses.
Home sales in the Greater Toronto Area plunged 35% in September compared to a year ago, to 6,379 homes. The plunge in volume was spread across all types of homes. Even condos got hit:
Detached houses -40.4% Semi-detached houses -30.2% Townhouses -34.4% Condos -27.5%. As total sales plunged, new listings of homes for sale rose 9% year-over-year to 16,469, according to the Toronto Real Estate Board (TREB). And the total number of active listings of homes for sale soared 69% year-over-year to 19,021.
While Toronto’s housing market is still not drowning in listings, the plunge in sales volume and the surge in listings combined is a major change in market direction. And prices have followed.
The report tried to brim with industry hope: ‘The improvement in listings in September compared to a year earlier suggests that home owners are anticipating an uptick in sales activity as we move through the fall,’ And it grabbed at straws: ‘Consumer polling undertaken for TREB in the spring suggested that buying intentions over the next year remain strong.’
This post was published at Wolf Street by Wolf Richter ‘ Oct 5, 2017.
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