Declining home sales in metropolitan Toronto due to uncertain economic conditions

Despite a large number of homes for sale in listings, home sales in metropolitan Toronto fell six percent last month compared to November 2022, due to continued high mortgage costs and uncertain economic conditions.

Sales of 4,236 homes last month were down 8.7 per cent from 4,640 sales in October, the Toronto Regional Real Estate Board (TREBB) said.

According to this board, the lack of proper price has had a bad effect on the market, but it seems that this market will be relieved in the future.

The median home price has reached about $1.1 million, which is essentially unchanged compared to November 2022.

The number of homes for sale in new listings rose 16.5 percent to 10,545 units in November, compared to 9,053 units in the same month last year.

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