TORONTO — The Toronto Regional Real Estate Board says January home sales dropped by more than 18 per cent compared with a year ago as fewer properties were listed for sale and market conditions tightened.
The board says 5,636 homes were sold last month in the region, down from 6,888 in January 2021.
New listings tumbled by more than 15 per cent to 7,979 last month from 9,438 a year earlier.
Active listings took an even bigger hit, falling 44 per cent to 4,140 in January from 7,396 during the same period last year.
The lack of homes on the market pushed up prices to an average $1.2 million last month, a roughly 29 per cent increase from $966,068 in January 2021.
The board predicts total home sales will dip to 110,000 this year compared with 121,693 last year, while prices will creep up to an average $1.2 million, a jump from an average of almost $1.1 million in 2021.