Resale house prices fell in Toronto in July as the number of sales dropped, but the city remains on track to have its second busiest sales year in its history.
Sales were down 22 per cent and the average price fell 3.2 per cent to $459,122 in July compared to June. Year over year, however, sales were up 23 per cent in July and prices were 10 per cent higher.
The city is on track to see 90,000 sales this year. The best sales year on record was 2007, when 93,000 homes changed hands.
The average selling price in July was $459,122.
While sales slow every year as the summer winds down, market watchers have been predicting that the market is set to cool as interest rates move higher. An uncertain global outlook is also casting a cloud over the market.
Vancouver posted a similar drop in sales Wednesday, and national numbers will be released August 15.