The data captures a month that included the introduction of a 15 per cent foreign buyers tax.
TORONTO — Home sales in the Greater Toronto Area plunged 20.3 per cent last month compared with a year ago, according to the latest data from the country’s largest real estate board, a sign that recent efforts to cool the searing market are having the desired effect.
However, some economists and realtors say the impact of the measures, which include a 15 per cent tax on foreign buyers in the rapidly growing Greater Golden Horseshoe region, could be short-lived.
The average selling price for all properties in May was $863,910, up from $752,100 the same month last year, the Toronto Real Estate Board said. But that was down from $919,614 in April, the first month-over-month drop this year.
The move came as listings rose 42.9 per cent from a year ago, when they were at a record low, according to the real estate board.