Toronto home prices fell for the third straight month, as rising interest rates spur an abrupt reversal in a city recently at the heart of one of the world’s hottest housing markets.
The average selling price for a home in Canada’s largest city fell 3.1% in May to C$1.18 million (about $938,000) on a seasonally-adjusted basis, according to data Friday from the Toronto Regional Real Estate Board. Toronto hasn’t seen three consecutive months of price declines since early 2019.
