Since its pinnacle in the spring of last year, the Toronto real estate market has slowed.
The average price of a residential property in this market has decreased by around 25% since March 2022, despite the fact that the average selling price of a home in the fourth-largest city in North America is north of $1 million.
Also easing are sales.
The Toronto Regional Real Estate Board (TRREB) reports that only 4,544 units of homes were sold in November, a 49% drop year over year.
Additionally, new listings declined both month over month and year over year.
In fact, everything is being impacted by the Bank of Canada’s (BoC) increased interest rates, including market demand and mortgage costs.
But it wasn’t always like this.
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