Toronto house prices fell 7.8% in June and are down 12.1% since April

Prices drop as home sales plunge

The average Toronto home sold for $829,479 in June compared to $899,728 in May and $943,947 in April.

The Toronto Real Estate Board released the latest numbers and touted the 6.3% rise in home prices since last June but that hides the steep short-term slide in prices. The provincial government announced new measures late in April and the market has made U-turn since.

City of Toronto prices were down 7.8% in the month of June while prices fell 8.1% in the Greater Toronto Area. The price of the average Toronto detached home fell to $1,386,524 from $1,503,868 in May and $1,578,542 in April. That's a nearly $200K decline in the net worth of the average home owner.

There are signs that home owners are hitting the panic button. Listings rose 15.9% y/y. But buyers also remain on strike with sales down 37.3% compared to a year earlier.