Greater Toronto home sales drop 5.8 per cent in October amid high borrowing costs
Greater Toronto home sales fell 5.8 per cent last month compared with October 2022, with sales of townhouses recording the biggest decline.
On a monthly basis, the Toronto Regional Real Estate Board says last month’s 4,646 home sales were relatively flat over the 4,631 sales in September.
The board attributes the year-over-year slide to a lack of affordability and uncertainty associated with high borrowing costs, which has sidelined many would-be homebuyers.
The average home price reached $1,125,928, a 3.5 per cent increase from last October.
New listings surged 38 per cent to 14,397 in October compared with 10,433 in October 2022, which had marked a 12-year low.
TRREB president Paul Baron says record population growth and a relatively resilient economy have kept the overall demand for housing strong and that home sales should pick up quickly once mortgage rates start trending lower.