Interest Rates Continue To Impact Toronto Home Sales

Home sales in the Greater Toronto, ON, Area (GTA) continued to adjust to substantially higher interest rates in October both on an annual and monthly basis, says the Toronto Regional Real Estate Board. New listings are also down and a persistent lack of inventory showed up in the flattening of the downward trend in home prices. There were 4,961 home sales in October, a similar number to September 2022, but down by 49.1 per cent compared to October 2021. Year-over-year sales declines were similar across major market segments. New listings were down by 11.6 per cent year-over-year and reached an October level not seen since 2010.