Home sales across the Greater Toronto Area, Canada’s biggest housing market, declined 8% in October as potential buyers continued to sit on the sidelines amid economic uncertainty.
The Toronto Regional Real Estate Board (TRREB) said 5,603 homes were sold across Greater Toronto in October, down 7.9% from the same month in 2025.
New listings in the metropolitan area declined 11.9% year-over-year to 14,173.
The average selling price of a home in Greater Toronto was $1,024,108 in October, down 2.7% from a year earlier as sellers lowered prices to attract buyers.
The October slump comes after the Bank of Canada recently raised interest rates by 25 basis points, its first increase since 2023 and raising the cost of a home mortgage.
Canada’s central bank is trying to contain inflation, which currently sits at an annualized rate of 3.1%, above its 2% target.
Vancouver Sales Also Decline
Across the country in British Columbia, home sales in Metro Vancouver dropped 10.2% year-over-year in October.
The Greater Vancouver Realtors said that 2,024 homes were sold in October, a 10.2% decrease from October 2025.
The home sales in Vancouver this October were 22.5% below the 10-year seasonal average for the month.
The average price of a home sold in Metro Vancouver was $1,068,600 in October, down 5.2% year-over-year and 0.7% lower than in September of this year.
New listings of homes for sale in the metro area totaled 4,805 in October, down 11.6% from the same month in 2025.
The Greater Vancouver Realtors said potential buyers are holding off on purchasing a home amid rising interest rates and economic uncertainty caused by U.S. tariffs and other pressures.
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