November home sales plunged in Toronto compared with the same time last year as prices and listings also dipped, according to the city’s real estate board.
Last month saw a 15.8% slide in sales year over year, the Toronto Regional Real Estate Board (TRREB) said on Wednesday, with 5,010 sales recorded as the deep freeze in the housing market showed no sign of thawing.
Average selling prices remain above the $1 million mark but slipped by 6.4% compared with the same time last year, with the MLS Home Price Index Composite benchmark also falling – by 5.8%.
New listings dropped by 4% from November 2024, falling to 11,134. But active inventory was still higher than a year prior, climbing by 16.8% to 24,549.
The figures reflect a housing market that’s still struggling even despite interest rate cuts and falling prices over the past year.
Concerns over the economy are continuing to weigh on homebuyer optimism, according to TRREB president Elechia Barry-Sproule, as the US-Canada trade war lurches on.
“There are many GTA households who want to take advantage of lower borrowing costs and more favourable selling prices,” she said in remarks accompanying the TRREB statement. “What they need most is confidence in their long-term employment outlook.”
Jason Mercer, TRREB’s chief information officer, suggested recent encouraging signs in the labour market – including stronger-than-expected jobs numbers for October – could boost buyer confidence, although he highlighted the need for “more certainty on the trade front” in the months ahead.
Across the Greater Toronto Area (GTA), sales dropped across all property types. Detached properties posted a 14.8% year-over-year dip in sales activity, while semi-detached sales fell by 5.5% and townhouses saw a drop of 15.5%.
In the city’s beleaguered condo sector, meanwhile, activity continued to nosedive. Condo sales fell by 21.7% across the GTA to 1,299 units, with big slumps in both the 416 (city centre) and surrounding 905 area.
CMP
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