Real Estate News

Toronto home prices are down 8.8% since May, but the biggest decline in 17 years lures new buyers

Canadian Press/Graeme Roy

Canada’s largest housing market continues to see prices fall amid a widening pool of homes for sale, though there are signs the correction is beginning to lure in some new buyers.

The Toronto Real Estate Board’s benchmark home price index fell for the sixth consecutive month, down another 0.4 percent from October. The index has fallen 8.8 percent since May — the largest six-month decline in the history of data back to 2000. For the first time since 2009, the average price of a home sold in Toronto — at $761,757 in November — failed to surpass levels from a year earlier.

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