Oh Canada! Toronto Existing Home Sales Plunge 37% YoY

OTTAWA, July 17 (Reuters) – The resale of Canadian homes fell 6.7 percent in June from May, the largest monthly drop since 2010 and the third straight monthly decline as sales in Toronto plunged, the Canadian Real Estate Association said on Monday.

And they fell 37%, the third straight decline and the most since January 2009. Owners flooded the market with properties, with listings up 16 percent to 19,614.

Average prices dropped 14 percent in the last three months across the Toronto region to C$793,915, reflecting fewer sales of large homes. That compares with a 1 percent rise over the same period last year. Deals for single-family homes in Toronto and its surrounding regions fell 45 percent and average prices dropped 12 percent from April to C$1.06 million.

For all of Canada, YoY existing home sales also declined. But only by 6.7% MoM.

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