October home sales down 7%, new listings fell by 34% from last year: Toronto board
found dramatically fewer homes on the market last month than they did a year ago, pushing sales down and prices up.
Despite the fall, the result was still the second highest level for the month of October even as the number of new listings fell by about a third compared with a year ago.TRREB interpreted the numbers as a sign of tightening conditions in a market that is already among Canada’s most expensive and prone to some of the country’s most fierce bidding wars.
Fewer homes on the market meant no relief for buyers, though many are still benefiting from lower interest rates that were introduced to quell the impacts of the pandemic on the economy. Detached homes averaged more than $1.5 million and semi-detached rang in at nearly $1.2 million, while townhouses hit $957,103 and condos reached $703,698.
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