Home resales were down 44 percent from September 2021 reflecting a dramatically different and more uncertain market. Among the biggest changes are mortgage rates, which are now in the four to five percent range compared to less than 1.5 percent at their lowest in 2021.

Even as the average selling price for all home types in the Toronto area has fallen from the February peak of 1.33 million to 1.09 million in September, those higher borrowing costs are now offsetting lower prices.

New listings were also down on a year-over-year basis to the lowest number of new listings for the month of September since 2002.