so far in June, Toronto house sales down 39 per cent

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New data suggests the rapid decline in Toronto home sales is accelerating, and at least one housing bear sees a Canadian real estate correction of up to 40 per cent coming.

The country’s largest housing market took an abrupt turn from record highs on the heels of Ontario’s 16 measures to cool housing, with sales falling 20 per cent and new listings soaring almost 50 per cent across the Greater Toronto Area in May.

John Pasalis, president and broker at Realosophy, has crunched the early numbers for June and sees a “troubling” plunge in transactions.

“People are just pulling back, it was a really wild swing,” Pasalis told BNN in an interview Monday.

“Who knows where it’s going to go. A lot of this is driven by market psychology.”

Realosophy’s research suggests sales of freehold homes across the Greater Toronto Area are down some 39 per cent so far in June. And for the week ended June 9, sales volumes plummeted 44 per cent compared to the same period in 2016.

When it comes to new listings of freeholds, they rose 34 per cent last week, according to Realosophy.

Pasalis notes the growth rate in new listings has actually been on the decline for the past four weeks, but added in an email that he considers the rapid decline in sales “more troubling than the rise in inventory.”

In the condo market, Realosophy saw a 22 per cent pullback in sales last week and an 11 per cent rise in new listings.

The plunge in June sales was not uniform across the GTA. Realosophy says the drop is more pronounced in outlying communities such as Markham and Richmond Hill – up to 60 per cent year-over-year. The firm’s earlier research suggested heightened speculative behaviour in those communities.

Longstanding housing bear David Madani, senior Canadian economist at Capital Economics, told BNN in an interview Monday that in a “speculative housing bubble, once prices stop going up the whole reason for speculating in the market disappears.”

“It isn’t about interest rates.”

Madani expects sales to continue to weaken as more prospective buyers take a wait-and-see approach, and listings to climb as homeowners look to cash out.

“On that basis I expect prices to continue to decline over the long, long, long term,” said Madani.

“I see a correction of between 20 to 40 per cent in the Canadian housing market - over five years.”
 
歌中唱的好: what goes up must come down:cool:
 
好事儿啊,不是腰斩就健康,激励大家购买欲。

看看这加币贬的,通货膨胀快的,这不买点东西,几年后快变废纸了。
 
得罪人一下:友情提示啊,单说渥太华,往前数15-20年,这是村长、书记、主任老移民们的年代。。。亲友团里,凡是赌房价跌的,都没有好下场。。无一例外。:D
 
得罪人一下:友情提示啊,单说渥太华,往前数15-20年,这是村长、书记、主任老移民们的年代。。。亲友团里,凡是赌房价跌的,都没有好下场。。无一例外。:D

何书记不是已经把你卖给山西小煤窑了吗?:evil:
 
何书记不是已经把你卖给山西小煤窑了吗?:evil:
喊了嗓依法治郭、依法推楼。。。这不是又放出来了么? :D 俺的老领导,六哥担的保。:monster:
 
别搞混了, 成交量下跌跟成交价下跌是两回事.
 
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