Toronto realtors close 2017 with weak sales, small price increase in December
TORONTO — The Greater Toronto Area real estate market closed out 2017 with a big drop in December home sales, which were down 7.1 per cent from the previous year and down nearly 33 per cent from November’s level.
The Toronto Real Estate Board said Thursday there were 92,394 sales through its MLS system in 2017, down from 113,040 in the previous year and the lowest annual sales since 2013 when 87,049 units were sold.
December sales dropped to 4,930 properties, from 5,305 in December 2016, while the average sales price was $735,021 — the second-lowest of any month in 2017 and only slightly better than August’s $731,606.
Various real estate experts have said previously that a set of policies introduced by the Ontario government in April produced the desired market slowdown in Toronto during the second and third quarters following a hot first quarter.