Toronto home sales down 49 per cent from last year as listing decline and rates rise
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
Young people 'tortured' if stolen vehicle operations fail, Montreal police tell MPs
One day after a Montreal police officer fired gunshots at a suspect in a stolen vehicle, senior officers were telling parliamentarians that organized crime groups are recruiting people as young as 15 in the city to steal cars so that they can be shipped overseas.
'It was joy': Trapped B.C. orca calf eats seal meat, putting rescue on hold
A rescue operation for an orca calf trapped in a remote tidal lagoon off Vancouver Island has been put on hold after it started eating seal meat thrown in the water for what is believed to be the first time.
Man sets self on fire outside New York court where Trump trial underway
A man set himself on fire on Friday outside the New York courthouse where Donald Trump's historic hush-money trial was taking place as jury selection wrapped up, but officials said he did not appear to have been targeting Trump.
Sask. father found guilty of withholding daughter to prevent her from getting COVID-19 vaccine
Michael Gordon Jackson, a Saskatchewan man accused of abducting his daughter to prevent her from getting a COVID-19 vaccine, has been found guilty for contravention of a custody order.
Mandisa, Grammy award-winning 'American Idol' alum, dead at 47
Soulful gospel artist Mandisa, a Grammy-winning singer who got her start as a contestant on 'American Idol' in 2006, has died, according to a statement on her verified social media. She was 47.
She set out to find a husband in a year. Then she matched with a guy on a dating app on the other side of the world
Scottish comedian Samantha Hannah was working on a comedy show about finding a husband when Toby Hunter came into her life. What happened next surprised them both.
B.C. judge orders shared dog custody for exes who both 'clearly love Stella'
In a first-of-its-kind ruling, a B.C. judge has awarded a former couple joint custody of their dog.
Saskatoon police to search landfill for remains of woman missing since 2020
Saskatoon police say they will begin searching the city’s landfill for the remains of Mackenzie Lee Trottier, who has been missing for more than three years.
Shivering for health: The myths and truths of ice baths explained
In a climate of social media-endorsed wellness rituals, plunging into cold water has promised to aid muscle recovery, enhance mental health and support immune system function. But the evidence of such benefits sits on thin ice, according to researchers.