More signs have emerged that the housing market in Toronto, Canada’s largest city, is rapidly cooling.
New data shows that home sales — houses and condos — declined by 48% in January in the Toronto region, compared to a frenzied real estate market in the same month last year. The latest figures for this January show a 31% drop from the 10-year average of home sales in Toronto and reflect a supply shortage that has also helped push up prices during the same period, according to Toronto's building industry association, which released the ;latest numbers.
The single-family benchmark home price rose 19.6% year-over-year last month to $1.23 million — up from about $1 million last January. Condo prices climbed about 41% year-over-year to a benchmark of $714,430, said the Building and Land Development Association (BILD), which tracks industry sales and price trends.
Of the 1,251 new construction homes sold in January in the Toronto region, only 365 were single-family units. That marks a 10-year low and a 53% decline from last year. Condo sales were down 47% year-over-year, 5% below the 10-year average. The supply of new homes increased by 350 units in January from December to 11,750 — a three- to four-month supply based on the pace of sales in the last year.
