Toronto home sales are down 49 per cent from last year.
The board says November's 49 per cent decline from last year to 4,544 sales came as rising interest rates continue to put pressure on affordability and the real estate market.
Listings have slowed in part as sellers hold off over fears they won't make as much as they would have 10 or 12 months ago when the market was moving at a torrid pace. The average price of a detached home was down 11.3 per cent to $1.39 million, while the average price of a condo was down 0.9 per cent to $709,000.
"The marked downward price trend experienced in the spring has come to an end. Selling prices have flatlined alongside average monthly mortgage payments since the summer."
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