Toronto average house price sales are down 4% from the previous year.
According to real estate statistics released by the Toronto Real Estate Commission on the 5th, the average price of a home sold in Toronto last month was $1,086,762, down 4.25% from the same period last year.
This is the first time since the real estate market entered a recession this spring, it recorded a year-on-year decline. However, it increased slightly from $1,079,705 in the previous month.
In this regard, real estate broker Namara said, “It is true that the market atmosphere has subsided somewhat in the aftermath of the base rate hike, but there is a wide variation by housing type or region. It’s very active,” he said on the 5th.
A total of 5,038 homes were sold in Toronto last month, down 44% from the same period last year and 10% from August.
In addition, there are only 11,237 units for sale, and listings are down 17% from a year ago. This is the lowest monthly figure since 2002.
In response, the Federal Mortgage and Housing Corporation (CMHC) said home prices could fall 15% from their peak.
In this regard, Yoo Jong-myeon, a real estate broker, said, “Personally, I judge the current market situation to be weak. It’s a good idea to consider.”