Toronto Home Prices Fall for Second Month as New Listings Surge
- Buyers are gaining more negotiating power, market analyst says
- Economists expect central bank to continue to lower its rate
This article is for subscribers only.
Toronto home prices dropped for a second straight month as hopes for a market rebound prompted sellers to rush back in faster than buyers.
The benchmark price of a home in Canada’s largest city slipped 0.5% to C$1.079 million ($800,000) in September from a month earlier, according to data released Thursday by the Toronto Regional Real Estate Board. That came as the number of properties hitting the market surged 9.8% on a seasonally adjusted basis, outpacing the 3.3% increase in sales.