January home sales in Greater Toronto Area down 22% from year ago

TORONTO – The number of homes sold in the Toronto region in January was down sharply compared with a year ago.

The Toronto Real Estate Board says Greater Toronto Area realtors reported 4,019 home sales for January through the MLS system, down 22 per cent from a record 5,155 a year ago.

READ MORE: January real estate numbers in Hamilton, Burlington feel the chill

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The average selling price was $736,783, down from $768,351 a year ago.

The move lower came as the number of new listings increased to 8,585 compared with 7,314 new listings entered in January 2017.

READ MORE: This $750K Toronto listing could be the litmus test for Canada’s housing market

Toronto home sales started last year on a hot streak, but slowed after the Ontario government moved to cool the market.

A new stress test for homebuyers who do not require mortgage insurance that came into effect this year and higher mortgage rates have also weighed on the market.