The volume of home sales in Toronto, Canada’s largest city, fell 21 percent in September from the same month last year, realtor data shows.
The number of homes sold in the Greater Toronto Area fell to 5,879 from 7,422, the data show, while the average price rose more than 8.5 percent to C$503,662 ($510,335), the Toronto Real Estate Board said in an e-mailed statement.
“While sales have been lower due to stricter mortgage lending guidelines, we continue to see substantial competition between buyers,” said board President Ann Hannah in the statement. “The months of inventory trend remains low from a historic perspective, which explains the strong price increases we are experiencing.”
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