As of June, there was a 23% drop in the level of resale homes in the Toronto area, from June of the previous year.
"The pace of home sales has moderated from record levels over the past two months with the prospect of higher mortgage rates, we experienced a record number of existing home sales during the first half of 2010, but these sales were weighted more towards the beginning of the year." said Toronto Real Estate Board president Bill Johnston
Despite the fact that overall sales are down from recent highs, real estate sales are persistently high in Canada's largest city. Compared to the first six months of 2009, year- to- date sales were up 23% through June.
During June, the average price of a Toronto home hit $435,034, that's an 8% jump, compared to $403,972 during the same time last year.
Since the HST came into effect, it is expected to have an impact on the housing market from here in out. In the resale market, the HST applies only to legal fees, inspection and closing costs.
A similar trend is also affecting other Canadian cities. Sales in the greater Vancouver area have shown a 30 per cent decline from homes sold in June 2009.
Read more: http://www.cbc.ca/canada/toronto/story/2010/07/06/toronto-house-sales-june.html#ixzz0t19TbqWK
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