Toronto area home sales fall in September as higher rates weigh
OTTAWA: Home sales in the Greater Toronto Area fell in September, while the average selling price edged up slightly from the previous month, data from the Toronto Regional Real Estate Board (TRREB) showed on Wednesday.
Toronto area home sales fell 44.1% in September from a year ago and were down 10.5% from August, the data showed. New listings were down 16.7% from last September, while active listings jumped 47.3%.
The average selling price in the region edged up 0.7% from August to C$1.09 million ($806,511), supported by condos, though prices are down 4.3% on the year. Prices are now 18.6% below February’s peak.
The Bank of Canada hiked its policy rate by 75-basis points in September to 3.25%, a 14-year high, and said interest rates need to go higher still.
On a seasonally adjusted basis, sales fell 10.8% in September from August, while prices edged down 2.7%, TRREB said.