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
Ottawa injects another $36M into vaccine injury compensation fund
The federal government has added $36.4 million to a program designed to support people who have been seriously injured or killed by vaccines since the end of 2020.
'Secret report' or standard research? B.C. government addresses safe supply allegations
B.C.’s premier and one of his top lieutenants are pushing back against allegations by the Official Opposition that he covertly commissioned a report into the diversion of safe supply drugs onto the streets.
Video shows suspects waving weapons, smashing glass in Toronto jewelry store robbery
Arrests have been made after five men were captured on video rampaging through a jewelry store in Toronto, waving weapons and smashing glass display cases.
'My stomach dropped': Winnipeg man speaks out after being criminally harassed following single online date
A Winnipeg man said a single date gone wrong led to years of criminal harassment, false arrests, stress and depression.
She was too sick for a traditional transplant. So she received a pig kidney and a heart pump
Doctors have transplanted a pig kidney into a New Jersey woman who was near death, part of a dramatic pair of surgeries that also stabilized her failing heart.
What Canadians think of the latest Liberal budget
A new poll suggests the Liberals have not won over voters with their latest budget, though there is broad support for their plan to build millions of homes.
opinion Why you should protect your investments by naming a trusted contact person
Appointing a trusted person to help with financial obligations can give you peace of mind. In his personal finance column for CTVNews.ca, Christopher Liew outlines the key benefits of naming a confidant to take over your financial responsibilities, if the need ever arises.
'One of the single most terrifying things ever': Ontario couple among passengers on sinking tour boat in Dominican Republic
A Toronto couple are speaking out about their 'extremely dangerous' experience on board a sinking tour boat in the Dominican Republic last week.
Teacher shortages see some Ontario high school students awarded perfect grades on midterm exams
Students at a high school in York Region have been awarded perfect marks on their midterm exams in three subjects – not because of their academic performances however, but because they had no teacher.