Toronto Home Prices Plunge To 6-Year Low, 28% Below Peak

Greater Toronto’s real estate recovery experienced another setback last month. Toronto Regional Real Estate Board (TRREB) data shows home sales pulled back in September. Falling sales met with historically lofty inventory, helping to push home prices to a 6-year low. Toronto Home Prices Fall To 6-Year Low The composite benchmark price of a home across TRREB. Source: TRREB; CREA; Better Dwelling. The price of a typical home slipped 0.9% (-$8.3k) to $917,600 in September, down 4.7% (-$45.2k) from last year. Last month marked the fourth consecutive month of declines and pushed prices 28.3% (-$362.2k) below the March 2022 peak. A typical home across Greater Toronto is now back to September 2020 levels—a 6 year low. Toronto Sees Fewer Sales, Inventory Remains Historically High Greater Toronto home sales vs active listings of homes for sales in September. Source: TRREB; CREA; Better Dwelling. Sales continue to slide as the recovery hits a bump. TRREB reported 5,040 sales in September, 9.0% lower than last year and the weakest volume for the month since 2023. That said, it was still the second-weakest September in over 15 years of data. Inventory is starting to firm, though it remains his...