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Greater Toronto Home Sales Fall Nearly 8% in October From a Year Earlier
Greater Toronto home sales fell nearly 8% in October from a year earlier, as uncertainty kept buyers on the sidelines.
Key points
- 5,603 homes changed hands in the GTA in October, down 7.9 per cent year-over-year.
- The average selling price was $1,024,108, down 2.7 per cent, and the composite benchmark price fell 4.3 per cent.
- There were 14,173 new listings in October, down 11.9 per cent from last year.
Why it matters. Lower selling prices have mitigated the impact of higher borrowing costs on monthly mortgage payments, helping keep affordability in check, according to TRREB.
The Toronto Regional Real Estate Board said 5,603 homes changed hands across the Greater Toronto Area in October, down 7.9 per cent year-over-year. Sales rose 1.2 per cent from September on a seasonally adjusted basis, while the average selling price of $1,024,108 fell 2.7 per cent. The board blamed uncertainty over inflation, borrowing costs and the economy, and TRREB president Daniel Steinfeld said a trade deal could help.
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Greater Toronto Home Sales Fall Nearly 8% in October From a Year Earlier
Home sales in the Greater Toronto Area were down nearly 8 per cent in October compared with a year earlier, according to the city's real estate board. The board attributed the decline to uncertainty around inflation, borrowing costs and the broader economy, which kept buyers on the sidelines. The average selling price in the GTA was $1,024,108 in October, down 2.7 per cent from a year earlier. The figures reflect a market that remains subdued despite earlier expectations of recovery. Further monthly data will show whether the slowdown continues.