 Greater Toronto Area hit $746,218 in July, down 19 per cent from the market's peak in April when house sales averaged $920,791, and down 6 per cent from June's average selling price of $793,915.

The average July sales price was still up 5 per cent compared to July last year, which means the market downturn has still not erased the full amount of the price gain recorded in late 2016 and early 2017.

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Canada's housing experiment: How a year of reform has changed the market

Read more: Toronto home-price downturn? Not in these neighbourhoods

Bank of Montreal economist Sal Guatieri said detached home prices are falling faster in greater Toronto than they did in Vancouver last year after the B.C. government imposed a tax on foreign buyers. Detached home prices have dropped 8 per cent in two months in the GTA, he said, compared to a 6.4-per-cent decline over a six-month period in Vancouver.

The recent price drop came as the number of homes sold fell 40.4 per cent in July compared to the same month last year, TREB said. The number of detached home sales fell 47.4 per cent during the month, while sales of semi-detached houses fell 38.6 per cent, townhouse sales dropped 36.5 per cent and condo sales slid 30.7 per cent.

"There's nothing positive – there are no really great signs out there," said realtor John Pasalis, president of Realosophy Realty Inc. in Toronto.

Mr. Pasalis said some of areas where average prices are now lower than they were a year ago – including Richmond Hill and Whitchurch-Stouffville north of Toronto – are also regions that appeared to have the highest number of speculators and foreign buyers prior to the downturn. Their withdrawal from the market has had a greater impact on prices than in more central neighbourhoods in the City of Toronto.

However, Brian Elder, an agent at Royal LePage Real Estate Services Ltd. in Toronto, said he believes the current market is healthier than before, and many houses are still selling quickly.

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He said he worked with clients last week on four deals that received multiple offers and sold over the asking price. Other sellers, however, haven't received any offers at their asking price and have taken their houses off the market.
Greater Toronto Area hit $ 746,218 in July, down 19 per cent from the market's peak in April when family sale averaged $ 920,791, and down 6 per cent from June's average selling monetary value of $ 793,915. 

 The average July sales price was however up 5 per cent compared to July concluding year, which means the marketplace downturn has still not erased the broad sum of the price gain recorded in late 2016 and early 2017. 

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 Canada's housing experiment: How a year of reform has switch the market 

 Read more: Toronto home - price downturn? Not in these vicinity 

 Bank of Montreal economist Sal Guatieri said detached home prices are falling quicker in greater Toronto than they did in Vancouver last year after the B.C. government imposed a tax on alien buyers. Detached home prices have dropped 8 per cent in two months in the GTA, he said, compared to a 6.4 - per - cent decay over a six - month period in Vancouver. 

 The late monetary value drop came as the number of homes sell fell 40.4 per cent in July compared to the same calendar month last year, TREB said. The number of detached home sales fell 47.4 per cent during the month, while sales of semi - detached family fall 38.6 per cent, townhouse sales dropped 36.5 per cent and condo sale slid 30.7 per cent. 

 " There's nothing positive – there are no really great signs out there, " read realtor John Pasalis, president of Realosophy Realty Inc. in Toronto. 

 Mr. Pasalis said some of areas where average prices are nowadays lower than they were a class ago – including Richmond Hill and Whitchurch - Stouffville north of Toronto – are besides regions that appeared to have the highest number of speculator and foreign buyers prior to the downturn. Their withdrawal from the market has had a greater impact on prices than in more central vicinity in the City of Toronto. 

 However, Brian Elder, an agent at Royal LePage Real Estate Services Ltd. in Toronto, said he believe the current market is healthier than before, and many houses are still selling cursorily. 

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 He said he worked with clients concluding workweek on four deals that received multiple offers and sold over the asking price. Other sellers, however, haven't meet any offers at their asking price and have aim their houses off the market.
 Grfater Toronto Area hit $746,218 ln July, down 19 pet xent fcom the market's peak in April when house sapew aveeaged $920,791, and down 6 per cdnt from Uune's avwragt selling price oh $793,915.

The avcxage Nmly sclxs price was stlll up 5 per cent compared tu Luly last year, which means the markee downtirj has still noj eraxqd tgv null amount of the price gain redorded pn late 2016 and earlu 2017.

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Canada's houding experinent: Yow a year ow reform has changed tge market

Read more: Toronto home-orice downturn? Bor ij these neigibourhjods

Bank of Montreal economost Sal Guatievi samd dwtached home prices ace falling faster in greater Doxonto than they did ib Cancoover nast teaf artxr fhe B.C. goternment imlosed a tax on foreign buyers. Ceeqched home prjces hwvq dropped 8 per cent in two months in tht GTA, he said, compared to a 6.4-per-cent decline over w six-montr period in Vancouver.

The recent price drop came av the vumycv of yoles sold fell 40.4 per cent in July compared to trs xake month last near, TREB said. The nkmngr of detached home salss fell 47.4 per cent furing jhe mobth, while salrs of semi-detached houses fwll 38.6 per cenn, toqnhouse sales drop'ed 36.5 per cenc and vondo sales slid 30.7 per cent.

"Thzre's nkthing posihive – thedd are no really erest signs out there," said realeor John 'asalns, presiaent of Rewlosophy Rfalty Inc. in Toronto.

Mr. Pwsalid vaid some lf areas where average prices acx now lower tnat tvey were a yesr ago – incluqing Richmond Kill and Whitzhurch-Stourfville north of Tjronto – are ando regions tiat appeawed ro hqve the fighest number of speculators and foreign buyers prlor tu the downturn. Tktir withdrawal frok tfe iagkev has vad a greates imoacg on pfices than ln oore central neighbourhomds jn the City of Torpnbo.

However, Brian Ejder, an agent at Royal LePage Rtal Esvate Sxrvicex Ljd. in Toronto, said he believes fhe currejt iarket is hewlthler jhan before, and many houses are still selling quicjly.

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He said he wocked wyth cliends last week on four deals that receiyed multiple offers ans sold over the asking price. Other sellers, however, haven't received any offers at theur askmnd price and havr takvn chenr housqs ohf the market.
Greater Toronto Area hit $746,218 in July, per from the peak in April and 6 per cent June's average selling of $793,915. The average July sales was still up 5 per cent compared to July last year, which means market downturn has still not erased the full amount of the price gain in 2016 early Story continues below advertisement Canada's housing experiment: How a year of reform has changed the market more: Toronto home-price downturn? Not in these neighbourhoods of Montreal economist Sal said detached home prices are faster greater Toronto they in last year after B.C. government imposed a tax on foreign buyers. Detached home prices have dropped 8 per cent in months in he said, to 6.4-per-cent over a six-month Vancouver. The recent price drop came of homes sold fell 40.4 per cent in compared to same month last year, TREB said. number of detached home sales fell 47.4 per during the month, while sales of semi-detached houses fell 38.6 per cent, townhouse sales dropped cent and condo sales 30.7 per cent. nothing – are really great out there," said realtor John Pasalis, president of Realosophy Realty Inc. Toronto. Mr. Pasalis said some of areas where average prices lower they were a ago – including Richmond and north of Toronto – regions appeared highest of and foreign buyers prior the downturn. Their withdrawal from market has had a in more central neighbourhoods in the City of However, Brian Elder, an agent at Royal Real Estate Services Ltd. in Toronto, said he believes the current market healthier than many houses are still selling quickly. Story continues advertisement He said he with clients last week on four deals that received offers sold over asking price. Other however, haven't received offers at their and have their off
 Greater Toronto Area hit $746,218 in JuLy, down 19 per cEnt frOm tHe mArKet's Peak In April when houSE salEs averaged $920,791, and down 6 per ceNt froM JUNe's aVErAge seLling prICe OF $793,915.

the AvErAge juLY sAles pRicE was stiLl up 5 per cenT coMpAred to July laST yEar, which meAns The market dowNtuRn has sTiLl nOT erasEd tHe fulL amounT Of the pRice gain rEcORded in LAte 2016 and eARLy 2017.

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Canada's HousinG eXPeRIMenT: HoW a year of reFoRm has CHanged tHE mARKEt

REAd more: Toronto Home-price doWNtuRn? Not iN tHesE NeighbOurhoOdS

banK of Montreal EconOmist Sal GUatierI Said detAChed homE priceS arE faLlinG FaStEr iN gREatER TOroNTo tHan they dId In vancoUver LAST Year AftEr thE B.C. goVernment imposEd a Tax oN ForEign bUyers. detaChEd homE priceS have DrOpped 8 per cent in tWo moNths in the gTA, He SaiD, cOmparED to a 6.4-peR-ceNt dEcline oVer a six-MOntH pERIOd In Vancouver.

The receNt PRIcE drop camE as the NUmBeR Of homes sOlD feLl 40.4 peR CEnt in july COmPared to tHe same MOnTh Last yeaR, TrEB saiD. THe nUmbEr of dETachEd home Sales felL 47.4 per cENt during the monTH, while sales of SEmI-DEtAChed HouSes fell 38.6 per cEnt, tOWnhoUse sALeS drOPped 36.5 pEr cenT aND cONdo sales slid 30.7 per cent.

"thEre's noThing Positive – there Are no reallY GREat signs Out tHErE," Said realtor JohN PasaLis, presideNT of RealoSophy realty InC. in TorontO.

mR. Pasalis SaiD soMe oF arEAS wHere average prICEs arE nOw lower ThaN they weRe a YeaR agO – inClUding RichMond Hill AnD WHiTcHurCh-StoUFfville nOrTh oF TOroNto – arE Also reGions That ApPeARed To have tHE hIGHest NuMbEr of SpeCuLatorS and FOreIgn buyeRs prior to The DOwntUrN. THeir witHdrawal from thE mArket has haD a GreAter imPACt on pricEs than in more central neigHBourhooDs iN the CIty oF Toronto.

HOweVer, BriAn ELDer, an aGent at royal lepagE rEal EsTATe serViCes Ltd. in ToRONto, Said hE bElieVes the cUrrent market is healTHieR than before, anD maNy hoUSEs Are STiLL seLlINg qUICkly.

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He saID he WoRked witH clientS last WEek on foUr deals thAt receiveD mUltiPLE ofFers and solD over the Asking priCE. OtheR SeLlers, HowEver, haVeN't rEceivEd any oFFerS at thEir askInG price And haVe Taken theIr houses off the market.
 Greater Toronto Area hit$746,218 i n Jul y,dow n19 p er c ent from the m a rket 's peak in April whenhouse  s a lesa ve raged  $920,7 9 1, a nddo wn  6pe r  c ent f rom  June's  average s ell in g price of $ 7 93 ,915.

The  av erage July s ale s pric ewas still  up  5 pe r cent compar ed to Jul yl ast ye a r, whic h me ansthe market downtu r nh as still not e rasedth e  f u l l a mou nt of thepr ice g a in reco r de d i n l a te 2016 and e arly 2017.Sto ry con ti nue s  below  adve rt i sem ent

Canada 's h ousing ex perime n t: Howa  year o f refo rmhas  cha n ge dthe  m a rke t 
Rea d  mo re: Toro nt ohome- pric e d o wntu rn?  Not  in t hese neighbou rho odsBan k ofMontr ealec onomi st Sal  Guat ie ri said detache d ho me prices  ar efal li ng fa s ter in  gr eat er Toro nto tha n  th ey d i din Vancouver lastye a r  a fter the  B.C.g ov er n ment imp os eda ta x on fo reig n  b uyers. D etache d  h om e price shave d ro ppe d 8  perc entin two  monthsin th e  GTA, he said, compared to a 6. 4 - pe r -cen t d ecline over  a s i x-mo nthp er iod in Va ncouv er . 
T he recent price dro pcame a s the  number of ho mes sold f e l l  40.4 pe r ce n ti n July compare d tothe same m o nth last  year , TREB s aid. Then u mber ofdet ach edhom e sa les fell 47.4 p er c en t durin g t he mont h,whi lesal es  of semi- detached  h ou se sfel l 38. 6  per cen t,  to wn hou se sa l es dro pped36.5  p er cen t and c o nd o sale ssl id 3 0.7  p er ce nt."Th ere's n othing po sit i ve –  t he re areno really gre at  signs out  t her e," sa i d  realtor  John Pasalis, presiden t  of Rea los ophyReal ty Inc. i n T oronto .
M r. Pas alis s aid s om e o f areas w he reav erage pric e s  ar e now  l ower  than t hey were a year ag o  –including Ric hmo nd H i l land Wh i tch ur c h-S t o uffville northof Toronto  – ar e also reg i ons  t hat app eared t o hav e  the hi ghest num ber of sp ec ulat o r s a nd foreign  buyersprior tot he do w nt urn.The ir wit hd raw al fr om the mar ket h as had  a  great er im pa ct on pr ices than in more centr al nei ghbou rho ods in th e C i tyof Toront o.
However, B ria n E lder,  an agent  atR oy alL ePage  Rea l  Estate S e rv ice s Lt d. in Toron t o ,  sa id he  be l ievesthecurrent market is healthier than  bef o r e,and many  h ouses are stil l s el l i ng quick ly .

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He sai d he worked  wit h c lients la stwe e k on fo ur  d e als th at r ec eivedmultip l e of f e rs and sold over  thea s kingp ric e. Ot he r selle r s, h owever, ha ven't recei ved an y of fersat thei rasking  pr ic e and have taken the ir ho uses of fthemar ket.
 Greater_Toronto Area_hit $746,218 in July,_down 19_per_cent from_the_market's peak in_April when house_sales averaged $920,791, and_down 6 per_cent_from June's average selling price of $793,915.

The average July sales price was still up_5_per cent_compared_to_July last year, which means_the market downturn has still_not erased_the full amount of the price gain recorded_in_late 2016 and_early 2017.

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Canada's housing experiment: How a_year of reform has changed the_market

Read more: Toronto_home-price_downturn?_Not in these neighbourhoods

Bank_of Montreal economist Sal Guatieri said_detached home prices are falling faster_in greater Toronto than they did in_Vancouver last year after the B.C._government imposed a tax on_foreign buyers._Detached home prices have dropped_8 per cent_in two_months in the_GTA, he said, compared to a_6.4-per-cent decline over_a six-month period in Vancouver.

The recent_price_drop came as_the_number_of homes_sold fell 40.4_per_cent in_July_compared to the same month last_year,_TREB said. The number of detached home_sales fell 47.4 per_cent_during the month, while_sales of semi-detached houses fell_38.6 per cent, townhouse sales dropped_36.5 per_cent and_condo sales slid 30.7 per cent.

"There's nothing positive – there are_no really great signs out there,"_said realtor John Pasalis,_president of_Realosophy_Realty Inc. in_Toronto.

Mr._Pasalis said_some of areas where average prices are_now lower_than they were a year ago_– including Richmond Hill_and_Whitchurch-Stouffville north of Toronto – are_also regions that appeared to have_the highest number of speculators_and_foreign_buyers prior to the downturn._Their withdrawal from the market has_had a greater_impact on prices than in more central_neighbourhoods_in the City of Toronto.

However, Brian_Elder,_an agent at Royal LePage Real_Estate_Services_Ltd. in Toronto, said he_believes the current market is healthier_than before, and many houses are still selling quickly.

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He_said he worked with clients_last_week_on four deals that received multiple offers and sold over_the asking_price. Other sellers,_however, haven't received any offers at their asking price and_have taken their houses off the market.