Greater Toronto home sales drop 5.8 per cent in October amid high borrowing costs

Greater Toronto home sales fell 5.8 per cent last month compared with October 2022, with sales of townhouses recording the biggest decline.

On a monthly basis, the Toronto Regional Real Estate Board said October's 4,646 home sales were relatively flat over the 4,631 sales in September.

The board attributed the year-over-year slide to a lack of affordability and uncertainty associated with high borrowing costs, which has sidelined many would-be homebuyers.

“Record population growth and a relatively resilient GTA economy have kept the overall demand for housing strong," said TRREB president Paul Baron in a press release on Thursday.