(Dec 3): Toronto home prices resumed declines in November as slowing demand saw properties for sale continue to build up on the market.
The benchmark price of a home in Canada’s largest city fell 0.4% in November from the previous month to C$971,100, marking a year where values dropped in 10 of 12 months, according to seasonally adjusted data released on Wednesday from the Toronto Regional Real Estate Board.
With new listings more than double the number of sales in November, there were nearly 17% more homes on the market compared with the prior-year period, at more than 24,000 units, the real estate board data show.
The stagnation in Toronto’s housing market comes as efforts by Canadian Prime Minister Mark Carney to remove tariffs put in place by the US appear to be at an impasse. Though the levies mainly target a few industries, the uncertainty they’ve caused is deterring businesses and consumers from making big investments of all kinds — including home purchases.
Many Toronto households “want to take advantage of lower borrowing costs and more favourable selling prices,” Elechia Barry-Sproule, the Toronto real estate board president, said in a statement. But “what they need most is confidence in their long-term employment outlook.”
The result of the economic uncertainty has been a housing market that’s declined markedly since US President Donald Trump launched his trade war. Sales in Toronto this November were down nearly 16% from the same month last year, while the benchmark home price was 5.8% lower, the data show.
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