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4h ago

Toronto Home Sales Drop 9.5% in October as Listings Rise and Prices Slip

Seasonally adjusted activity hit a four‑month low despite last week’s Bank of Canada rate cut.

A view shows a condo building under construction in Toronto, Ontario, Canada July 13, 2022. REUTERS/Carlos Osorio

Overview

  • TRREB reported 6,138 transactions in October, a 9.5% year‑over‑year decline, with seasonally adjusted sales down 2.3% from September to 5,646, the lowest since June.
  • The board’s home price index fell 5% from a year earlier, though it inched up 0.2% month over month after seasonal adjustment to C$976,600 following four straight declines.
  • The average selling price was $1,054,372, down 7.2% year over year and 1.4% from September.
  • New listings rose 2.7% to 16,069 and active listings climbed 17.2% to 27,808, adding supply pressure to the market.
  • TRREB officials said buyers with secure employment are benefiting from lower prices and rates, but many remain cautious, with a rebound seen as dependent on improved economic confidence.