Home sales in the Greater Toronto Area (GTA) fell 44% in September from a year earlier as
rising interest rates cool off Canada’s largest housing market.
According to the Toronto Regional Real Estate Board (TREB), a total of 5,038 homes were sold
across the GTA in September, which marked a 10.5% decline from August of this year.
There was an increase in the number of new listings on a month-over-month basis, as 11,237
properties hit the market in September, compared to 10,537 new listings in August.
However, TREB pointed out that new listings for September were at the lowest level for that
month since 2002, and that rising mortgage rates has led to a dramatic slowdown in
home-buying activity.
The Bank of Canada raised its trendsetting interest rate by three-quarters of a point to 3.25% in
September, the fifth consecutive rate hike this year.
The average selling price for a property in the GTA during September was $1,086,762, which is
a 0.67% increase from August’s average of $1,079,500.
Vancouver Sales Fall In September
Separately, the Real Estate Board of Greater Vancouver said that September’s home sales
dropped by 46% from a year ago and were down 10% from this past August as interest rate
increases also cool the housing market on Canada’s west coast.
The Vancouver real estate board said sales in the region totalled 1,687 last month, down from
3,149 in September 2021 and 1,870 in August.
September’s sales in Vancouver were 36% below the 10-year September sales average.
The average price for a home in Vancouver was $1,155,300 in September, up 3.9% from
September of last year but down 2.1% from this August.
The number of homes currently listed for sale in the Vancouver area is 9,971, an 8% increase
compared with September 2021 and up 3% from August of this year.
