"Toronto's real estate board says home sales and prices were down in October from a year earlier as economic uncertainty persists. The Toronto Regional Real Estate Board says home sales totalled 6,138, down 9.5 per cent from last year, which on a seasonally adjusted basis meant a 2.3 per cent drop in sales from September."
"TRREB president Elechia Barry-Sproule says that both lower home prices and interest rates are helping buyers who are well-positioned. "Buyers who are confident in their employment situation and ability to make their mortgage payments over the long term are benefiting from affordable housing market conditions relative to the past few years," she said in a statement on Wednesday. "However, many intending homebuyers remain on the sidelines due to uncertainty about their economic future.""
"TRREB chief information officer Jason Mercer said he expects the market to rebound once people are more confident about the economy. "Once we have more certainty on the economic front, including trade with the U.S. and China, home sales should increase.""
Home sales in Toronto totaled 6,138 in October, down 9.5% year-over-year and down 2.3% on a seasonally adjusted basis from September. New listings rose to 16,069, up 2.7% from last year, while active listings increased to 27,808, up 17.2%. The benchmark index fell 5% year-over-year and the average selling price dropped 7.2% to $1,054,372, with a 1.4% month-over-month decline. Detached home average prices fell 7.3% to $1,355,506 and condo averages fell 4.7% to $660,208. Lower prices and interest rates are aiding well-positioned buyers, while many potential buyers remain sidelined pending greater economic certainty. Market recovery is expected once economic confidence improves, including clarity on trade with the U.S. and China.
Read at www.cbc.ca
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