(Toronto) Home sales in the Greater Toronto Area plunged 44 per cent in September from the same month last year and 10 per cent from August, the real estate board said Tuesday. of the metropolis.
Posted at 12:05 p.m.
The number of new listings for sale fell to its lowest level in 20 years, the organization said.
The real estate board released the data on Wednesday, saying home sales for this typically busy month were dragged down by increases in interest rates and mortgage rates.
These numbers mark a continuation of the market downturn, which has already dampened bidding wars and discouraged some sellers from listing their property for sale because they believe they are unlikely to get as much money as their neighbors did so at the start of the year, when the market was growing at a torrid pace.
No fewer than 5,038 residential properties were sold in September in Greater Toronto. The area also saw 11,237 new listings, down nearly 17% from a year ago and the lowest number for a September month since 2002.
The benchmark compound selling price came in at $1,086,762, which was down 4.3% from a year ago, but up nearly 1% from August.