Overview
- The Toronto Regional Real Estate Board reported 5,010 sales in November, down 15.8% year over year, with seasonally adjusted sales edging 0.6% lower from October.
- The average selling price fell 6.4% to $1,039,458 and the composite benchmark declined 5.8% year over year, while the average price rose 0.6% from October.
- Active listings climbed 16.8% to 24,549, the highest November level on record, as new listings slipped 4% to 11,134 and listing terminations hit a November record.
- Market performance diverged by property type, with condo sales down about 21.7% but prices relatively steadier, while detached homes posted an 8% annual price decline and a 14.8% drop in sales.
- Homes took longer to sell, averaging about 34 days on market in the City of Toronto, as TRREB pointed to employment-confidence worries even with stronger recent jobs and GDP data.