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.
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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.
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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.