There were fewer homebuyers in the Greater Toronto Area (GTA) last month, as the country’s largest housing market continued to feel the chill from higher interest rates.
A total of 5,038 homes were sold across the GTA in September, representing a 10.5 per cent decrease from August, the Toronto Regional Real Estate Board (TRREB) reported Wednesday. On a year-over-year basis, sales sank 44.1 per cent compared to September 2021.
There was an increase in the number of new listings on a month-over month basis, as 11,237 properties hit the market in September, in comparison to 10,537 new listings in August.
However, TRREB pointed out that new listings for September were at the lowest level for that month since 2002.
Home-buying activity has slowed since the Bank of Canada started its rate-hiking campaign in March in an attempt to tame runaway inflation. The central bank raised its main policy three-quarters of a point to 3.25 per cent in September; it was the fifth consecutive hike by the Bank of Canada after it entered the year with the overnight rate target at 0.25 per cent.
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