Home / Business and Economy / Toronto Home Prices Sink for 9th Month
Toronto Home Prices Sink for 9th Month
5 Mar
Summary
- Benchmark home price in Toronto fell 1% in February.
- Sales dropped 4.9% while new listings fell 11.5%.
- Layoffs occur at Avenue Living amid public market plans.
Home prices in Toronto have declined for nine consecutive months as economic uncertainty impacts market confidence. In February, the benchmark price of a home in Canada's largest city decreased by 1% from the previous month, reaching C$932,000. This marks the longest period of monthly price decreases since May.
The Toronto housing market is experiencing a slowdown in activity. Sales volume dropped by 4.9% on a seasonally adjusted basis, while the number of new properties listed fell by 11.5%. This cautious sentiment among buyers and sellers is attributed to ongoing economic anxieties, including trade disputes and geopolitical events.
In a related development, Calgary-based Avenue Living Asset Management Ltd. has laid off nine salespeople. A spokesperson stated these departures are to support the company's transition to a public-market structure. The firm recently halted redemptions on two real estate funds for up to six months to conduct a strategic review, with a public listing being recommended for both.
