Home sales in the Greater Toronto Area (GTA) were down 49% in October from a year earlier as the number of new listings in Canada’s largest city fell to their lowest level since 2010, according to the Toronto Regional Real Estate Board (TRREB).
The real estate board attributed the October sales decline to a lack of inventory and higher interest rates that are keeping buyers on the sidelines.
Sellers are holding off on listing properties because they fear they won't make as much money with the housing market depressed. Consequently, new listings in the GTA were down 11.6% year-over-year at 11,749, a level last seen in October 2010.
The average selling price in Toronto during October was $1,089,428, a 5.7% decrease from the same period of 2021.
Vancouver:
Across the country, the Real Estate Board of Greater Vancouver reported that home sales fell 46% from a year ago and were 33% below the 10-year October sales average.
The Vancouver board also attributed the October slowdown to rising interest rates, which have led many people to reconsider buying or selling a house right now.
However, the board noted that the number of house listings is on the rise in Vancouver, causing prices to decline from the record highs seen in the spring of this year.
The average price of a house for sale in Vancouver is now $1,148,900, up 2.1% from October 2021, but down 0.6% from this September and down 9% over the last six months.
