Toronto home sales down 44.6 per cent year over year in January

Sales for January totalled 3,100, down from 5,594 a year earlier, while the average selling price was down 16.4 per cent at $1.04 million, as the impact of higher borrowing costs continued to reverberate across the housing market.From our newsroom to your inbox at noon, the latest headlines, stories, opinion and photos from the Toronto Sun.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.

The Bank of Canada announced a rate hike last week of a quarter of a percentage point, bringing its key rate to 4.5 per cent, while signalling it’s ready to pause hikes for the time being. Paul Baron, the real estate board’s president, said in a press release that this pause, coupled with home sales and prices appearing to find some support recently, may prompt some buyers to move off the sidelines in the coming months.

The real estate board’s chief market analyst, Jason Mercer, said while short-term borrowing costs increased again in January, negotiated medium-term mortgage rates are actually starting to trend lower, a trend he expects will continue and help with affordability in 2023.

Love it

Ha good. Can see your local real estate agent working at McDonald's this year. Fkin grifters

Downtown condo prices haven’t budged. Still at $1k p.s.f.

Keep going. Can do better!

Here comes the crash

No kidding… when you raise interest rates and you add on the cost of those homes it was quite obvious this was going to happen .

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Toronto home sales down 44.6% year over year in January - BNN BloombergThe Toronto Regional Real Estate Board says January home sales were down 44.6 per cent from the same month a year ago, falling in line with expectations as the number of sales and average selling price were similar to December 2022. “in line with expectations” 🤡 Those plunging sales is a sure sign that prices will also fall by similar per cent.
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