October sales in Toronto’s housing market were down over the same time last year as affordability concerns and economic uncertainty continue to weigh on buyers – although prices ticked higher year over year, the city’s real estate board has revealed.
The Greater Toronto Area (GTA) saw 4,646 home sales last month, a decline of 5.8% compared with October 2022, the Toronto Regional Real Estate Board (TRREB) said on Thursday.
The average selling price, though, jumped by 3.5% on a yearly basis while the MLS Home Price Index Composite benchmark ticked upwards by 1.4%. TRREB also reported a spike in new listings over October last year, although the current level remains subdued compared with the 10-year average for the month.
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