Skip to content
Wealth
Real Estate

Toronto Home Prices Slide for Third Month on Higher Rates

  • ‘Potential buyers are waiting for a bottom’: real estate board
  • Prices are nearly 9% below February peak; sales activity falls
Video player cover image
Housing Coming Back Into Balance, JPMorgan's Feroli Says
Updated on

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.