(Toronto) The decline in residential property sales in the Greater Toronto Area worsened last month, as the number of transactions fell by half from the same month last year, and new listings fell to an all-time low. seen for more than a decade, according to the area’s real estate board.
Posted at 1:41 p.m.
Sustained cooling in the once-hyperactive market was evident in October sales, which fell 49.1% year-over-year to 4,961, and were little changed from September.
The real estate board attributed much of the drop in sales to a lack of properties for sale, which brokers say is combining with higher interest rates and inflation to drive buyers away from the market.
Sellers are delaying the sale of their property because they fear they won’t earn as much as they would have done 10 or 12 months ago, when the market was moving at a frenetic pace.
As a result, new listings for sale fell 11.6% year over year to 11,749 — a level not seen since October 2010.
With a narrower range of homes to choose from and sellers delaying property listings, the benchmark compound price for properties fell 1.3% year-over-year to 1,098,200 $.
The average selling price was $1,089,428, down 5.7% from a year earlier, but up 0.2% from September.