Overview
- TRREB reported 6,138 sales, down 9.5% year over year, with seasonally adjusted sales at 5,646, a 2.3% monthly decline and the lowest since June.
- The average selling price fell 7.2% from a year earlier to $1,054,372 and 1.4% from September, while the benchmark index declined 5% year over year and ticked up 0.2% month over month after adjustment.
- Supply expanded as new listings reached 16,069, up 2.7% from last year, and active listings rose 17.2% to 27,808, with homes spending longer on market.
- By segment, detached homes averaged $1,355,506, down 7.3% year over year, and condos averaged $660,208, down 4.7%, according to TRREB.
- TRREB officials said some buyers are benefiting from lower prices and borrowing costs following the Bank of Canada’s cut to 2.25%, though many remain sidelined pending clearer economic signals.