Toronto Home Prices Drop at Fastest Pace in Over a Year as High Rates Cool Market
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Toronto home prices fell 1.7% month-over-month in October, the fastest pace of decline in 15 months.
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Sales declined 5% from September as high interest rates continue to pressure the market.
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Bank of Canada held rates at 5% but may raise further, putting more pressure on housing.
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October saw the second highest number of new listings this year, adding to downward price pressure.
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Economist says sales are at recession levels and will remain subdued as affordability erodes.