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MNI: Toronto Nov Home Sales Fall 49% YOY, Prices Down 5.5%

(MNI) OTTAWA
(MNI) Ottawa

Toronto home sales fell 49% in November from a year ago and benchmark prices fell 5.5%, the realtor group for Canada's biggest city said Tuesday, blaming the "short term shock" of higher interest rates.

While the sales decline was similar to October, price declines quickened from the prior month's 1.3% according to Toronto Regional Real Estate Board figures. The Bank of Canada raised its overnight rate 50bps to 3.75% Oct. 26, taking the total this year to 350bps, and economists predict at least another quarter point Wednesday. (See: MNI BOC WATCH: Market Split On 25BP Hike As Cycle Nears An End)

MNI Ottawa Bureau | +1 613-314-9647 | greg.quinn@marketnews.com
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MNI Ottawa Bureau | +1 613-314-9647 | greg.quinn@marketnews.com
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