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Toronto Home Sales Fell 5.8% In October As Interest Rates Cool Market

Home sales in the Greater Toronto Area (GTA) declined 5.8% in October from a year earlier as high interest rates continue to cool Canada’s biggest housing market.

The Toronto Regional Real Estate Board said that home sales in Toronto were relatively flat on a month-over-month basis with a total of 4,646 properties changing hands in October compared to
4,631 in September of this year.

The real estate board said that the average home price in Toronto was $1.13 million in October, a 3.5% increase from October 2022. New listings in the month rose 38% from October 2022.

The October sales decline was blamed on high interest rates, with the average interest charged on a home mortgage in Canada now above 7%, the highest level in more than 20 years.

The Toronto real estate board said that home sales should increase once mortgage rates start trending lower.