Toronto home prices and sales continued to slide as economic uncertainty and rising rates put more potential homebuyers on the sidelines.
According to the latest TRREB report, a total of 4,912 sales were made in July which represents a 47% drop compared to 9,339 during the same time last year and a 24% drop compared to this past June.
Much of this moderation has been attributed to the rising mortgage rates, which has caused many people to rethink their housing intentions.
Despite the slump in sales, TRREB said that more households in the Greater Toronto Area will be planning to purchase a home in the future but are uncertain of where the market is headed.
Toronto home prices also fell 6% compared to last month, hitting an average of…