GTA home sales plunged 37.3% in June.

New Update

Comapred to an year ago the number of homes sold last month in the GTA plunged a whopping 37.3% after Ontario introduced measures aimed at cooling the housing market.

The average price for all properties was $793,915, up 6.3 % from the same month last year.

The Toronto Real Estate Board said 7,974 homes changed hands in June while the number of new properties on the market climbed 15.9 per cent year-over-year to 19,614.

There have been growing worries that overheated prices in Vancouver and Toronto could be a problem for the broader economy, especially if there is a sudden decline in housing prices sparked by higher interest rates.