Greater Toronto Area home sales drop 5.8% in October amid high borrowing costs

In November 2023, home sales in the Greater Toronto Area have declined 5.8% compared to October 2022, with townhouses recording the biggest decrease. The Toronto Regional Real Estate Board attributed this to a lack of affordability and high borrowing costs which have caused many potential buyers to hold off. Despite the decrease in sales, the average price of homes still rose 3.5% to $1,125,928 due to competition between buyers. In the City of Toronto, sales dropped 2.3% while sales in the rest of the GTA declined 7.9%. High interest rates have made buyers hesitant, resulting in a slow market

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