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Toronto area sees 35 per cent drop in home sales from year ago: real estate board

Home sales in the Greater Toronto Area were down 35 per cent in September compared with the same month last year, although prices generally continued to increase.

The Toronto Real Estate Board says sales of all major types of residential property were down but the biggest decline was a 40.4 per cent drop in sales of detached homes.

The average selling price for all types of property sold in September was up 2.6 per cent from a year ago, rising to $775,546.

The board says high-priced detached homes accounted for a smaller share of sales than in September 2016 and that the average price for that market segment was flat.

Meanwhile the average price for condos was up 23.2 per cent to $520,411 and average prices for semi-detached houses was up 7.4 per cent at $752,379.

TREB’s benchmark price index, which adjusts for different property types, was up 12.2 per cent from the same time last year.

The Canadian Press

 

How will this effect KW, stay posted in the next few days you’ll get a better picture.

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Celebrate Fall

Don’t miss the opportunities during this Fall real estate season!  Your calls and emails regarding the local real estate market are always welcome.

And, if anyone you know is ready to buy, sell or refinance, your referrals mean more than you know.

Denis Pellerin, (519) 577-8181, dPellerin@coldwellBankerPbr.com

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Is this economist Correct? Many have missed their predictions greatly.

Canada’s hottest housing markets are heading towards a severe downturn according to Capital Economics’ David Madini.

The economist warns that the rise in sales in Vancouver is a temporary jump while the slowdown in Toronto’s larger market is indicative of a price correction.

Madini says that the impact is likely to be felt outside the housing market with a drag on second-quarter GDP, perhaps taking it to just 1 per cent; but if not then the longer-term outlook “appears to be worsening.”

There could be a reduction in housing investment, lower consumer consumption and financial stability could even be impacted.

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Just a friendly reminder to set your clocks ahead one hour this Sunday.

Did you know: Benjamin Franklin is credited with the idea for Daylight Saving Time back in 1784, but the idea was not implemented until 1895 and was first used in 1908 in Thunder Bay, Canada.

In most of Canada Daylight Saving Time begins at 2:00 a.m. local time on the second Sunday in March. On the first Sunday in November areas on Daylight Saving Time return to Standard Time at 2:00 a.m. local time. When Daylight Saving Time begins turn your clocks ahead one hour.