Toronto’s real estate board says activity, new listings and average selling prices were down last month as potential homebuyers stayed on the sidelines.
The Toronto Regional Real Estate Board says 5,010 homes changed hands in November, down 15.8 per cent from the same month last year, as sales ticked 0.6 per cent lower on a seasonally adjusted basis from October.
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The average selling price was down 6.4 per cent from last year to $1,039,458, and the composite benchmark price was down 5.8 per cent.
TRREB president Elechia Barry-Sproule says many GTA households want to take advantage of lower borrowing costs and more favourable selling prices, but have been held back by a lack of confidence in their long-term employment outlook.
There were 11,134 new listings on the market in November, down four per cent from last year.
Meanwhile, inventory rose 16.8 per cent as there were 24,549 total active listings in the Greater Toronto Area.
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