(Toronto) Greater Toronto home sales fell in November in a pattern similar to recent months, with activity down 49% from a year ago, the area’s real estate board said Tuesday. .
A total of 4,544 deals were completed last month as rising interest rates continued to put pressure on affordability and the housing market.
New listings for sale were also down about 12% from a year ago to 8,880, also down from October.
Listings have slowed in part because sellers fear they won’t get as good prices as they would have 10 or 12 months ago when the market was moving at a breakneck pace.
The composite benchmark price fell 5.5% in November from a year ago, while the average price for all home types fell 7.2%.
The average price of a single-detached home fell 11.3% to $1.39 million, while the average price of a condominium retreated 0.9% to $709,000.
Selling prices saw declines earlier in the year as interest rates began to rise, but have remained relatively stable in recent months, said Jason Mercer, chief market analyst for the chamber. real estate, in a press release.
Sales data from Toronto showed a similar trend to that seen in Vancouver, where the Real Estate Board last week reported residential property sales down 53% from a year earlier.