The number of homes sold in the Toronto area last October declined by 49.08% compared to the same month last year, but the average sale price was nearly the same as it was a year ago.

4,961 homes of various categories were sold last October compared to 9,743 homes in the same month last year.

The average home sale price recorded a slight increase last month after a series of declines in the past summer and spring, according to data released today by the Toronto Real Estate Board (TRREB).

The average sale price of homes of various categories was $1,089,428, which is 0.25% higher than the previous month, September, which was $1,086,762.

However, the average home sale price in major urban areas of Canada last month was 5.73% lower than its level a year ago, in October 2021, which was $1,155,624.

The Real Estate Board attributes the halt in price declines to an 11.6% decrease in the number of newly listed homes for sale in October compared to October 2021.

The number of newly listed homes for sale last October was the lowest for this month of the year since 2010.

Many owners have recently hesitated to sell their homes of various categories for fear of receiving a lower price than sale prices from 10 or 12 months ago.

"Home prices in the Greater Toronto Area (GTA) have recently received support because the price drops in spring and summer have eased the impact of higher borrowing costs on the monthly mortgage payment," wrote Jason Mercer, Chief Market Analyst at the Real Estate Board.

"Recent Bank of Canada messages indicate that it is nearing the end of its tightening cycle. As a result, bond yields have fallen, suggesting that fixed mortgage rates may trend downward over time, which would help affordability," Mercer added.