TORONTO — Greater Toronto home sales fell 5.8 per cent last month compared with October 2022, with sales of townhouses recording the biggest decline.
On a monthly basis, the Toronto Regional Real Estate Board says last month's 4,646 home sales were relatively flat over the 4,631 sales in September.
The board attributes the year-over-year slide to a lack of affordability and uncertainty associated with high borrowing costs, which has sidelined many would-be homebuyers.New listings surged 38 per cent to 14,397 in October compared with 10,433 in October 2022, which had marked a 12-year low. TRREB president Paul Baron says record population growth and a relatively resilient economy have kept the overall demand for housing strong and that home sales should pick up quickly once mortgage rates start trending lower.
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