Home sales plummet in September in the Greater Toronto Area
The number of properties for sale in September in the Toronto area was at its lowest level in 20 years (on file).
The number of properties sold in the Toronto area last month tumbled 44.1% compared to the same period last year.
Compared to August 2022, sales (5,038 properties ) were down 10.8%.
The Toronto Regional Real Estate Board (TRREB) notes that September is generally a busy month when it comes to sales, saying the rise in Interest and mortgage rates undermined the market.
The number of homes and condominiums listed for sale in September was at its lowest level for that month in 20 years . Just over 11,200 properties were listed for sale, down nearly 17% from the same time last year.
The slowdown in the market seems to dissuade many owners from posting their property for sale. Higher bids are less common and in many cases a homeowner should expect to get a lower price than their neighbors sold their home for at the start of the year when the market was hot .
The average selling price of properties last month in the Greater Toronto Area was $1,086,762, according to TRREB.
C& #x27;is 4.3% lower than September 2021 and 2.7% lower than August 2022.
With information from CBC