Toronto home sales down 49 per cent from last year as listing decline and rates rise
A sold sign is shown in front of west-end Toronto homes Sunday, May 14, 2017. (Graeme Roy/The Canadian Press)
The Toronto Regional Real Estate board says November home sales showed a similar retreat to recent months with activity down by about half from last year.
The board says November's 49 per cent decline from last year to 4,544 sales came as rising interest rates continue to put pressure on affordability and the real estate market.
It says the total of 8,880 new listings for the month was about a 12 per cent decline from a year earlier, while also down from last month.
Listings have slowed in part as sellers hold off over fears they won't make as much as they would have 10 or 12 months ago when the market was moving at a torrid pace.
The composite benchmark price was down 5.5 per cent in November compared with last year, while the average price across home types was down by 7.2 per cent.
The average price of a detached home was down 11.3 per cent to $1.39 million, while the average price of a condo was down 0.9 per cent to $709,000.
Selling prices saw declines earlier in the year as interest rates started to rise, but have held relatively steady in recent months, said TRREB's chief market analyst Jason Mercer in a news release.
"The marked downward price trend experienced in the spring has come to an end. Selling prices have flatlined alongside average monthly mortgage payments since the summer."
The retreat in the market overall is more of a short-term trend, with the longer concern still one of supply given the huge share of record immigration that will head to the Toronto area, said TRREB president Kevin Crigger in the release.
"The long-term problem for policymakers will not be inflation and borrowing costs, but rather ensuring we have enough housing to accommodate population growth."
Toronto's sales numbers showed a similar trend to Vancouver, where the Real Estate Board of Greater Vancouver said last week that home sales were down 53 per cent from a year earlier.
This report by The Canadian Press was first published Dec. 6, 2022.
CTVNews.ca Top Stories
'COVID is not done,' Canadian infectious disease expert says ahead of WHO announcement
While RSV and flu cases steadily decline in Canada, the World Health Organization is set to announce on Monday whether it still considers COVID-19 a global health emergency, but one infectious disease specialist says we still need to keep an eye on the coronavirus.
Father pushing Manitoba to follow Ontario, Saskatchewan in screening for CMV
Roughly one in 200 babies born in Canada today will have congenital cytomegalovirus, a virus that can lead to hearing loss, intellectual disability or vision loss. But with only two provinces screening newborns for CMV, one father is asking other health-care systems to do more.
19 vehicles towed, dozens of tickets issued as rally marks one-year anniversary of 'Freedom Convoy' in Ottawa
OPS and Ottawa Bylaw officers issued 117 parking tickets and 47 Provincial Offences Notices Saturday, as hundreds of people marked the one-year anniversary of the 'Freedom Convoy'.
Former Mississauga, Ont. mayor Hazel McCallion dies at 101
Former Mississauga, Ont. mayor Hazel McCallion, nicknamed 'Hurricane Hazel,' has died. She was 101 years old. Premier Doug Ford said McCallion died peacefully at her home early Sunday morning.
As Canada's RCMP marks 150th anniversary, a look at what it says needs to change
After years of reports and allegations detailing a 'toxic' workplace, Canada's RCMP says it is trying to evolve, focusing on diversity in its organization and repairing relationships with communities as it marks its 150th anniversary.
Once-in-a-lifetime discovery: Indigenous jacket that may be a century old turns up in small U.K. town
When 1990s suede fringe jackets started making a comeback last year, a U.K.-based vintage clothing company decided to order four tonnes of suede from a supplier in the United States. Along with that shipment came a once-in-a lifetime discovery.
'Make peoples' jaws drop': Inuvialuk sculptor shaped by cultural stories
A solo exhibition at the Art Gallery of Ontario in Toronto is celebrating 50 years of David Ruben Piqtoukun's work. It features more than 60 pieces by the veteran Inuvialuk sculptor.
Majority of affordable homes approved under federal program not yet constructed
The federal government has set aside billions of dollars to quickly build affordable housing across the country, but delays in construction suggest many of the projects approved for funding are missing their deadlines.
How to get over the 'mental hurdle' of being active in the winter
When the cold and snow have people hunkering down, these outdoor enthusiasts find motivation in braving the Canadian winter through community and sport.
Montreal
-
Quebec basic income program begins, but advocates say many low-income people excluded
Anti-poverty activists are praising the Quebec basic income program as a good step toward helping people meet their basic needs — but say strict eligibility criteria exclude many of the province’s lowest-income residents.
-
'It's very frustrating, and it's scary': Kanesatake Grand Chief calling for better security from the SQ
Some Indigenous communities in Quebec that are patrolled by provincial police say the established system does not fully meet security needs and needs improvement.
-
Trudeau attending Ceremony to mark 6th anniversary of murders of six Muslim men at Quebec City mosque, Legault out
The sixth anniversary of the attack on Quebec City's Grand Mosque will be marked this Sunday evening, with Canadian Prime Minister Justin Trudeau in attendance, but without Premier Francois Legault.
London
-
'Police all over my yard': Neighbours recount 13-hour Woodstock, Ont. standoff
The Woodstock Police Service have arrested three men following an overnight standoff. Inspector Marci Shelton told CTV News London the incident began on William Street, just off Ingersoll Avenue shortly after 9 p.m.
-
Multiple engines respond to Sunday morning factory fire in London, Ont.
Seven London Fire Department vehicles, including an aerial unit, responded to an alarm at in the city’s northeast end Sunday. Just before 8 a.m., dispatchers were alerted to a structure fire at Zucora Home on Clarke Road, north of Dundas Street.
-
Cold and cloudy weather to continue in London, Ont.
As London remains blanketed by cloudy skies, cold temperatures and a risk of flurries, it appears it may still be a few days more until the Forest City has a chance of seeing sunshine, according to Environment Canada.
Kitchener
-
Snow events declared in the Tri-Cities
The Tri-Cities are declaring a snow event on Sunday as more snow is expected to fall in Waterloo Region.
-
Charges laid in connection to large youth fight in Kitchener
The Waterloo Regional Police Service (WRPS) reports three youths have been charged in connection to a large fight on Friday in the area of a Kitchener high school.
-
Top stories of the week: Lost luggage, Code Red in Guelph and a fatal crash in Brant County
From a Cambridge Ont. couple’s months-long struggle to get their luggage from Air Canada to a fatal crash involving a teen in Brant County, here are the top stories of the week from CTV News Kitchener.
Northern Ontario
-
Greater Sudbury apartment fire leaves one in hospital, 30 displaced
An apartment fire in Greater Sudbury Saturday evening has left one man in critical condition and displaced 30 residents.
-
'COVID is not done,' Canadian infectious disease expert says ahead of WHO announcement
While RSV and flu cases steadily decline in Canada, the World Health Organization is set to announce on Monday whether it still considers COVID-19 a global health emergency, but one infectious disease specialist says we still need to keep an eye on the coronavirus.
-
Former Mississauga, Ont. mayor Hazel McCallion dies at 101
Former Mississauga, Ont. mayor Hazel McCallion, nicknamed 'Hurricane Hazel,' has died. She was 101 years old. Premier Doug Ford said McCallion died peacefully at her home early Sunday morning.
Ottawa
-
19 vehicles towed, dozens of tickets issued as rally marks one-year anniversary of 'Freedom Convoy' in Ottawa
OPS and Ottawa Bylaw officers issued 117 parking tickets and 47 Provincial Offences Notices Saturday, as hundreds of people marked the one-year anniversary of the 'Freedom Convoy'.
-
WINTER WEATHER TRAVEL ADVISORY
WINTER WEATHER TRAVEL ADVISORY | Snowy Sunday: Ottawa to see up to 15 cm
More snow is on the way this weekend, as city crews continue to clean up the nearly 30 cm that has fallen since Wednesday.
-
Driver extricated after 4-vehicle pileup on Highway 174
Ottawa Fire Services says a driver had to be extricated from their vehicle after a four-vehicle pileup on Highway 174 Sunday morning.
Windsor
-
Fire destroys LaSalle, Ont. home overnight
No one was home at the time of a house fire which started at 3 a.m. on Sunday. LaSalle Fire Service Chief Ed Thiessen said by the time crews arrived at 1077 Reaume Road the house was “fully involved” so they had to fight the fire from the outside.
-
Another Windsor councillor opines on SafePoint debate
The Windsor city councillor for Ward 4 has made his position known over whether or not council should rescind its support for the downtown location of a drug consumption and treatment site. Meanwhile, a petition has been launched in favour of moving forward on the project and keeping the site where it is.
-
Positive result from LaSalle RIDE program
The LaSalle Police Department was out Friday conducting an impaired driving enforcement blitz. In a news release, police said they stopped and investigated 585 vehicles at various locations around town.
Barrie
-
Three people in custody after robbery at Barrie telecommunications store
Three People are in custody after reports of a robbery at a telecommunications store in Barrie.
-
-
Casino in Wasaga Beach celebrates grand opening
Playtime Casino Wasaga Beach celebrated its grand opening Friday.
Atlantic
-
Actress and former senator Viola Leger, best known as La Sagouine, dies at 92
Actress, teacher and former senator Viola Leger has died at the age of 92.
-
Man, 21, stabbed in Cole Harbour business: RCMP
Police in the Halifax area are investigating after a stabbing Saturday in Cole Harbour.
-
Car crashes into Torbrook, N.S., home
No charges are expected after a driver crashed a Toyota Corolla into a home in Torbrook, N.S, on Saturday evening.
Calgary
-
Extreme cold warning issued for Airdrie, Cochrane area
An extreme cold warning was issued Sunday morning for the area around Airdrie, Cochrane, Olds and Sundre.
-
Convoy of Albertans make a 'Coutts Loop' in border town to mark 1-year anniversary of blockade
A convoy of Albertans marked the one-year anniversary of the Coutts border blockade in the tiny southern Alberta border town Saturday.
-
Trudeau attending ceremony to mark 6th anniversary Quebec City mosque shooting
A ceremony will be held Sunday evening to mark the sixth anniversary of Quebec City's deadly mosque shooting and will take place inside the prayer room where the rampage took place.
Winnipeg
-
Extreme cold weather to stay for several days: Environment Canada
As extreme cold weather brings wind chill values nearing -40°C, it's impacting everything from winter recreation to the city's most vulnerable population.
-
Winnipeg firefighters tackle overnight house fire in Sage Creek
Fire crews are cleaning up after an overnight blaze in Sage Creek.
-
Championship round set at the Manitoba Scotties
The stage is set for the championship round of the Manitoba Scotties provincial women's curling championship in East St. Paul, Man.
Vancouver
-
Nurse 'did not adequately assess' or care for unresponsive person, B.C. college finds
A former Kelowna nurse has been disciplined by her professional college for her inadequate response to an unresponsive person at the entrance of the emergency department where she was working in September 2021.
-
B.C. toxic drug crisis: Fewer 911 calls as deaths continue
BC Emergency Health Services saw a slight decline in 911 calls for overdose and drug toxicity last year, but some areas saw a dramatic increase, and the death rate doesn’t appear to be slowing down.
-
Fire in Vancouver parkade leads to office building evacuation
A fire broke out in an underground parkade in downtown Vancouver Saturday evening and soon spread to the office building above.
Edmonton
-
Outdoor rink in Leduc damaged in Saturday fire
Smoke and flames could be seen billowing out from an outdoor rink on the south side of Leduc Saturday night.
-
Oilers' offence lowers the boom on Blackhawks in 7-3 win
Tyson Barrie scored a pair of goals as the Oilers headed into a nine-day break in the schedule on a winning note, coming away with a 7-3 victory over the lowly Chicago Blackhawks on Saturday.
-
'COVID is not done,' Canadian infectious disease expert says ahead of WHO announcement
While RSV and flu cases steadily decline in Canada, the World Health Organization is set to announce on Monday whether it still considers COVID-19 a global health emergency, but one infectious disease specialist says we still need to keep an eye on the coronavirus.