Toronto home sales down 35% year-over-year in September

A main risk to the Canadian dollar is the real estate market -- particularly in Toronto.
A major cooling started in April when the Provincial government introduced measures to curb foreign buyers and speculators. That led to a quick drop in activity that is continuing.

The Toronto Real Estate Board reports today that there were 6,379 sales in the area in September compared to 9,830 a year earlier. New listings also rose at a faster pace than a year ago.
At the peak in April, the average selling prices was $921K in the Greater Toronto Area, that's fallen to $776K with the suburbs particularly hard hit.

However in the latest month, it appears priced bounced because the average was $733K in August.
The numbers are lumpy because they aren't adjusted for the size or the house. One line of thought that's often repeated in Toronto is that it's the high-end market that's struggling. That's unlikely because units are broken down by region and type. A semi-detached home -- which is surely not on the high end -- sold for an average price of $631K in the suburbs in Sept, compared to $742K in March -- a 15% drop.