A slump in Toronto home sales deepened last month with half the number of transactions compared with a year earlier and new listings dropping to a level not seen in more than a decade.
The sales slump in the Greater Toronto Area deepened last month with half the number of transactions compared with a year earlier and new listings dropping to a level not seen in more than a decade, the Toronto Regional Real Estate Board says.
Sellers are holding off listing properties because they fear they won't make as much as they would have 10 or 12 months ago when the market was moving at a torrid pace.“With new listings at or near historic lows, a moderate uptick in demand from current levels would result in a noticeable tightening in the resale housing market in short order," said board president Kevin Crigger in a press release Thursday.
The average selling price was $1,089,428, a 5.7-per-cent fall from a year earlier, but an increase of 0.2 per cent from September. "Home prices in the GTA have found support in recent months because price declines in the spring and summer mitigated the impact of higher borrowing costs on average monthly mortgage payments," the board's chief market analyst Jason Mercer said in the release.
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