Real Estate News

Toronto home prices see biggest drop in almost 30 years


Mark Sommerfeld/Bloomberg

The high-end of Toronto’s housing market is bearing the brunt of declines from last year’s dizzying growth, with prices falling and unit sales slumping by almost half.

Sales of detached homes in and around Canada’s biggest city fell 46 percent in March from the same month a year ago, while the average price fell 17 percent to $1.01 million, according to data released Wednesday by the Toronto Real Estate Board. That dragged down the average selling prices for all housing types by 14 percent from a year earlier to $784,558, the biggest drop since 1991.

“Detached home sales, which generally represent the highest price points in a given area, declined much more than other home types,” the board said in its monthly report. “In addition, the share of high-end detached homes selling for over $2 million in March 2018 was half of what was reported in March 2017, further impacting the average selling price.”

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