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Home sales across the Greater Toronto Area dropped to a four-month low earlier this week as economic uncertainty and cautious buyer sentiment weighed on the market. Seasonally adjusted transactions declined by 2.3 % from the previous month, while the region's home price index edged up by 0.2 % month-on-month. Despite the marginal price recovery, overall prices remained nearly 5 % below the figures recorded a year earlier. An increase in new listings by 2.7 % year-on-year indicated improving supply conditions but limited buyer confidence.
The Toronto Regional Real Estate Board (TRREB) reported that home sales in the Greater Toronto Area stood at 5,646 units during October, marking the lowest level since June. The decline reflected a combination of economic caution and restrained purchasing activity from prospective buyers. Advertisement
Data from TRREB showed that the region's home price index registered a modest month-on-month rise of 0.2 %, reaching USD 696,378, following four consecutive months of decline. However, prices were still down 5 % from the same period a year earlier, while sales volumes fell 9.5 % on an annual basis.
New listings, meanwhile, rose by 2.7 % compared with the previous year, suggesting a gradual easing of supply constraints. TRREB noted that some buyers with stable employment and long-term mortgage plans were taking advantage of more affordable market conditions. However, a significant section of potential purchasers remained hesitant due to economic and job-market uncertainty.
The broader Canadian economy continues to face headwinds, including lingering effects from international trade tensions. Earlier this week, the Bank of Canada reduced its benchmark interest rate to 2.25 %, the lowest in three years, in an effort to support economic growth and stabilise housing demand.
Source: Reuters
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