TORONTO: Greater Toronto Area home sales fell to a four-month low in October as an uncertain economic outlook discouraged buyers, Toronto Regional Real Estate Board data showed on Wednesday.
Total home sales across the Toronto region reached 6,138 in October, marking a significant 9.5% drop compared to the same period last year. The report also indicated a month-over-month decline, with sales falling by 2.3% compared to September figures.
In contrast to the dip in sales, new listings showed an increase, rising by 2.7% year-over-year to 16,069. The Toronto Regional Real Estate Board (TRREB) noted that the combination of increased listings and decreased sales volume was reflected in home prices.
The average price of a home in the city fell to $1,054,372, a 7.2% reduction from last year’s October price. On a monthly basis, prices saw a 1.4% decline compared to September. Breaking down the figures, the average price of detached homes dropped by 7.3% to $1,355,506, while the average price for condos fell by 4.7% to $660,208.
