The latest numbers show sales volumes were down 40% y/y in July

This could get ugly.

Toronto house prices fell another 4.6% in July, according to the Toronto Real Estate Board. That's a cumulative 19% from April, practically a bear market.

The average price of a detached home in the city in April was $1,573,622 according to their data. In July, it was $1,304,288. That means most people who bought a house in the Spring are more than a quarter-million dollars underwater.

The realtors are still pointing to the year-over-year gains, which stand at +4.9%, that's down from 33.4% in April and will soon be in negative territory.

The big question is: How much further can home prices fall? A key metric there was the July sales figure number. Just 5,921 home sold in the region, down 40.4% year-over-year. That's a buyer's strike. There are signs that home owners are getting nervous as new listings rise at more than double the pace of sales.

No one knows what will happen to prices from here, but here's what you get for $1.35m in a good neighbour hood in Toronto right now.