In November, sales slowed to 414 units, down over 15 per cent from last year, which contributed to the year-to-date decline of nine per cent. Sales continue to be well below long-term trends and amongst the lowest levels reported in over a decade.

The number of new listings trended down over the last month and last year’s levels, but is relatively consistent with the long-term trends. The pullback in demand is what has caused inventory levels to remain elevated.

As of November, the benchmark price was $688,300, eight per cent lower than last year. Year-to-date, the benchmark price has declined by nearly 5 per cent. Prices fell across all property types, with the most significant declines occurring for apartment-style units.