More struggles for Canada’s housing market as home sales in Greater Toronto fell nearly 10% in October from a year earlier and were down 14% in Vancouver, British Columbia.
The Toronto Regional Real Estate Board (TRREB) said home sales in Canada’s biggest housing market totalled 6,138 in October, down 9.5% from a year ago.
Sales were down 2.3% from September of this year.
The board said that new listings totalled 16,069 in October, up 2.7% from last year, while active listings of 27,808 were up 17.2%, swamping the market with supply.
The rise in listings and drop in sales put pressure on home prices, which fell 5% from last year, with the average selling price at $1.05 million.
The average selling price for a detached home across the Greater Toronto Area (GTA) was down 7.3% to $1.36 million while the average price for a condo was down 4.7% to $660,208.
Vancouver Home Sales Slow
On the other side of the country in Vancouver, home sales declined 14.3% in October compared with a year earlier while the average selling price fell 3.4% to $1.13 million.
Greater Vancouver Realtors said that sales in the region totalled 2,255 homes in October, which was 14.5% below the 10-year seasonal average.
New listings of 5,438 were down a slight 0.3% from a year ago but still 16.3% above the 10-year average. Total listings of 16,393 were up 13.2% from last year.
The average selling price for detached homes in Vancouver was $1.91 million, down 4.3% from a year earlier. The price of a condo was $718,900, down 5.1% from October 2024.
