Toronto Sees Winter Surge in Home Sales as Prices Drop Again
- Market tightens as buyers jump in, anticipating rate cuts
- Benchmark price dips to C$1.08 million, flat with prior year
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Toronto home prices declined for a sixth straight month, but an upswing in buyer activity is beginning to tighten the balance between supply and demand amid speculation that lower borrowing costs are on the horizon.
The benchmark price of a home in Canada’s largest city declined 1.2% in January on a seasonally adjusted basis from the month before, according to a report from the Toronto Regional Real Estate Board. The number of transactions increased 9.6% from December, outpacing the 4.6% increase in new listings, suggesting buyers are coming into the market at a faster pace than people looking to sell.