Property markets rebound as sellers move to higher end of market

Property markets rebound as sellers move to higher end of market

The Real Estate Board of Greater Toronto (REBGL) reported that the residential market in Toronto saw a sharp drop in sales in October, with prices dropping by a whopping $3.5 billion.

The average price for a home sold in October was $2.5 million, down 5.1% from October last year.

The REBGL’s numbers come after the Bank of Canada cut its benchmark overnight interest rate to 0.25% in November, with many economists expecting a return to inflation in coming months.

Ahead of the lower rate announcement, many analysts were predicting a surge in home prices.

But that optimism was quickly extinguished after a month of strong home sales.

Sales dropped $2 billion in October alone, but there was also a spike in the number of vacant listings, with 1.8 million homes for sale in October.

The number of empty homes jumped 11.5% from a year earlier, the Realtor.com data shows.

The rate cut could have a significant impact on the affordability of Toronto’s housing market, with median home prices at an all-time high of $1.534 million.

The market is in its early stages and buyers are still finding it hard to make a living, said Realtors.