Toronto Home Prices Drop at Fastest Pace in Over a Year as High Rates Cool Market

Toronto home prices fell 1.7% month-over-month in October, the fastest pace of decline in 15 months.

Sales declined 5% from September as high interest rates continue to pressure the market.

Bank of Canada held rates at 5% but may raise further, putting more pressure on housing.

October saw the second highest number of new listings this year, adding to downward price pressure.

Economist says sales are at recession levels and will remain subdued as affordability erodes.