Greater Toronto home sales in September down from year ago, average price also lower
Business Matters: Home sales fall in Calgary and climb in Toronto, while prices decline
Home sales in the Greater Toronto Area were down in September from a year ago, while average prices continued to decline.
The Toronto Regional Real Estate Board said on Tuesday sales totalled 5,040 in September, down nine per cent year-over-year.
The result came as the average selling price for the month was $1,006,409, down from $1,060,036 a year earlier.
The composite benchmark price, meant to represent the typical home, was down 4.7 per cent year-over-year in September.
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The board says homebuyers were in a holding pattern in September, as uncertainty surrounding the economy, inflation and borrowing costs weighed on sales.
Renewed tensions with the United States and a surge in gas prices amid an ongoing war in the Middle East have kept potential buyers on the sidelines in recent months.
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Slowing home sales come as municipalities across Ontario, including the GTA, hold a ballot on Oct. 26.
“Housing is one of the biggest issues on voters’ minds, and the upcoming municipal election will help shape housing policy across the GTA and Simcoe County for the next four years,” said Daniel Steinfeld, TRREB president, in a statement.
“The decisions our next mayors and councillors make on affordability, housing supply and the costs associated with buying a home can also influence buyer demand and confidence in the market.”
New listings in September totalled 16,500, down 14.4 per cent year-over-year.
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