Toronto home prices fall 1% in November; down roughly 19% from peak

Follow us on Google News:

TORONTO (Reuters) - Home prices in the Greater Toronto Area (GTA) fell in November as rapidly rising interest rates weighed on the city's once-red-hot housing market, data from the Toronto Regional Real Estate Board (TRREB) showed on Tuesday.

The average price of a GTA home fell to C$1.08 million ($794,527) in November, down 1% from October and down 7.2% from a year ago. Prices were about 19% below February's peak.

Sales nearly halved from a year ago, while listings were down 11.6%.

"Increased borrowing costs represent a short-term shock to the housing market," TRREB President Kevin Crigger said in a statement.

The Bank of Canada has raised its benchmark interest rate by 350 basis points since March to 3.75%, its highest level since 2008.

Money markets expect at least another quarter-percentage-point of tightening when the bank meets to set policy on Wednesday.

($1 = 1.3593 Canadian dollars)

(Reporting by Fergal Smith in Toronto; Editing by Matthew Lewis)


The above content is directly sourced from Reuters under a contractual arrangement. The content is being provided as a convenience and for informational purposes only; and does not constitute an endorsement or approval by Kalkine Media of any of the products, services, or opinions of the organization or individual. The user is apprised that Kalkine Media bears no responsibility for the accuracy, legality, or content of Reuters, any external sites, or for that of subsequent links. The user is requested to contact Reuters directly for answers to questions regarding the content. Please note that Kalkine Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

Featured Articles

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK