Home sales in the Greater Toronto Area (GTA) declined 7.1% in September from a year earlier, driven lower by weakness in semi-detached homes and townhouses.
The Toronto Regional Real Estate Board (TRREB) reported that September’s 4,642 home sales in the GTA represented a 12.1% month-over-month decline from August of this year.
The real estate board blamed the sales decline on high interest rates. The average interest rate charged on a home mortgage in Canada is now above 7%, the highest level in two decades.
The average home price in Toronto reached $1.12 million in September, which was 3.4% higher than in August and 3% above levels seen in September 2022.
New home listings in Toronto rose 44% to 16,258 in September compared with extremely low levels in September 2022.
