The average price of a home sold in the Greater Toronto Area was $793,915 in June, an eight per cent decline from a month earlier, according to data released Thursday from the Toronto Real Estate Board.

On a year over year basis, June average prices were still up 6.3 per cent from a year ago. Using the board MLS HPI Composite Index prices were 25.3 per cent on a year over year basis.

“We are in a period of flux that often follows major government policy announcements pointed at the housing market,” said Tim Syrianos, president of the board in a statement, referencing the province’s 16-point housing plan to cool the market in the Greater Golden Horseshoe. Among key measures were a 15 per cent non-resident speculation tax for the GGH and a rent control for the entire province.

Syrianos said survey results commissioned by the board show many households are very interested in purchasing a home in the near future but some are sitting on the sidelines waiting to see the real impact of the Ontario Fair Housing Plan.

“We have existing homeowners who are listing their home because they feel price growth may have peaked. The end result has been a better supplied market and a moderating annual pace of price growth,” he said.

TREB said there 7,974 sales through the Multiple Listing Service in June, down 37.3 per cent from a year ago. New listings rose to 19,614, up 15.9 per cent.

“While this annual rate of growth was sizeable, it represented a more moderate annual rate of growth compared to May 2017, when new listings were up by 48.9 per cent year-over-year,” TREB said it its release.

The board noted its benchmark compose rate, intended to smooth out anomalies in the market, remains strong but has moderated over the past two months.

“Recent Ipsos survey results suggest that home buying activity in the GTA will remain strong moving forward. The year-over-year dip in home sales we have experienced over the last two months seem to be the result of would-be buyers putting their decision to purchase temporarily,” said Jason Mercer, director of market analysis and service channels for TREB. “It certainly looks as though buyers will benefit from more choice in the second half of 2017 compared to the same period in 2016.”

Financial Post

gmarr@postmedia.com
twitter.com/dustywallet