Toronto home prices in record monthly drop as sales plunge

CCN: Cryptocurrency News and US Business Insights – TweetFacebookLinkedInBy CCN: The Dow and broader U.S. stock market extended their relief rally on Wednesday, as traders continued to raise bets that the Federal Reserve will cut interest rates.

Andrea Hopkins, Reuters. TORONTO – Canadian home prices rose in May to a record high despite a drop in Calgary as weak oil prices continued to hurt demand in Canada’s energy heartland, the teranet-national bank composite House Price Index showed on Friday.

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NEW YORK ( — New home sales saw their steepest plunge. prices lower. New homes sold at an annual rate of 937,000, down 16.6 percent from the December reading of 1.1 million..

Toronto Housing Market Implodes: Prices Plunge Most On Record. That was biggest monthly drop since records for the price index began in. In March, sales were up 18% and the average home price soared 33% from the.

Toronto Luxury Home Sales Plunge 46% From Last Year's High – That dragged down the average selling prices for all housing types by 14 percent from a year earlier to C$784,558, the biggest drop since 1991. "Detached home sales, which generally represent the highest price points in a given area, declined much more than other home types," the board said in its monthly report.

Canada’s national average home price was down five per cent and sales volume. could rush to sell if B.C. slaps speculation tax “The drop off in sales activity following the record-breaking peak.

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As the top chart shows, Toronto prices were breaking records each month and deals were booming. In March, sales were up 18% and the average home price soared 33% from the prior year to C$916,567. That began to turn the following month when listings jumped 34 percent. average prices started cooling in May, rising 15% and then up only 6% in June.

Home sales plunged to a seven-year low in April, the Canadian real estate. touching a seven-year low for the month, the Canadian Real Estate. The average sale price in Greater Toronto dropped to $804,584, drops from year- ago levels, while Saskatoon recorded a price drop of almost 5 per cent.

Australian shares are poised to drop, in the wake of a trade-triggered plunge on Wall Street. ASX were 54 points or 0.9 per cent lower near 8am AEST. The Australian dollar dropped 0.8 per cent.