Toronto home sales slump to 2009 levels

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Sales of existing homes in Canada’s largest housing market were down 2.2 percent from a year ago in January, but a 16.6 percent drop in listings helping boost average sales price by more than 9 percent, to $526,528, the Toronto Real Estate Board said.

The 4,135 homes sold in the Toronto market during January marked the lowest total for that month since 2009, Bloomberg News reports. Canada’s second-largest market, Vancouver, saw a 30.3 percent year-over-year jump in January sales, with listings up 4.2 percent from a year ago.

Nationwide, January home sales in Canada were up 7.3 percent from a year ago, Bloomberg said. Source: bloomberg.com.