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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
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Housing Coming Back Into Balance, JPMorgan's Feroli Says
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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.