Toronto home sales fall 5.2% in September
In short
Home sales in the Greater Toronto Area fell 5.2% from August in September, the biggest drop since February. Prices also eased, with the home price index down 0.5% month over month, and sales were 9% lower than a year earlier.
That points to a cooler housing market and more cautious buyers. The report says people are waiting for better job and inflation stability, but it does not say when sales might improve.
What the reporting says
Greater Toronto Area home sales fell 5.2% from August in September, the sharpest decline since February, while the home price index slipped 0.5% month over month. Year over year, sales were down 9% and new listings fell 14.4%, with buyers reportedly waiting for more stability in jobs and inflation. The immediate consequence is a weaker housing market, but the reporting does not say when demand may recover.
Why it matters
Greater Toronto Area home sales fell 5.2% from August in September, with the home price index down 0.5% month over month and sales off 9% from a year earlier. New listings also dropped 14.4%. The report links the slowdown to economic uncertainty and buyers waiting for stability in jobs and inflation, which is negative for the local housing market.