Published Friday, January 4, 2019 5:20 AM EST
Last Updated on Friday, January 4, 2019 7:11 EST
TORONTO – The number of dwellings sold in Toronto and the surrounding area fell in 2018, along with the number of new listings that entered the market, while home buyers and sellers fought a new reality of higher interest rates and mortgage rules stricter.
The Toronto Real Estate Board says last year it had 77,426 residential transactions through its Multi-Impression System (MLS), down 16.1% from 92,263 sales in 2017.
The board of directors states that the total number of new listings was also lower, down 12.7% to 155,823 in 2018.
Meanwhile, the average sale price for all property types in the Toronto Greater area fell 4.3% to $ 787,300.
TREB, which represents more than 52,000 real estate agents across the region, says the number of sales in December fell by 22.5% to 3,781, down from 4876 in the same month of the previous year.
The average sales price in December rose slightly by 2.1% to $ 750,180 from $ 734,847 compared to December 2017.