Advertisement
Toronto home sales fell to a five-month low in November, with prices also seeing a modest decline, as economic uncertainty kept buyers cautious. Seasonally adjusted sales dropped 0.6% to 5,620 units, and the home price index fell 0.4% month-over-month to C$971,100 (USD 694,536). Yearly figures show a 15.8% drop in sales and a 5.8% decline in prices. The Bank of Canada's recent interest rate cuts aim to support the economy, but long-term employment confidence remains a key factor influencing housing activity.
Home sales in the Greater Toronto Area (GTA) reached a five-month low in November, accompanied by a modest decline in prices, as economic uncertainty kept many buyers cautious, according to the Toronto Regional Real Estate Board (TRREB). Seasonally adjusted figures show that sales fell 0.6% from October to 5,620 units, marking the lowest monthly activity since June. Advertisement
The board's home price index, after seasonal adjustment, decreased 0.4% month-over-month to C$971,100 (USD 694,536). On a yearly basis, the index fell 5.8%, while sales were down 15.8% and new listings dropped 4%. The GTA covers Toronto, the country's largest city, and its four surrounding regional municipalities.
Elechia Barry-Sproule, president of TRREB, highlighted that while many households are looking to benefit from lower borrowing costs and improved selling conditions, long-term confidence in employment remains a key factor influencing decisions. The Bank of Canada has lowered its benchmark interest rate to a three-year low of 2.25% to support the economy, which continues to face trade uncertainties.
Market analysts note that the slowdown reflects broader caution in Canada's housing market, where affordability pressures and interest rate sensitivity are influencing both buyers and sellers. Despite the recent dip, some buyers are waiting for stable economic signals before making significant purchases, while sellers are adjusting expectations to align with changing demand dynamics.
Source Reuters
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
