Toronto Home Prices Creep Higher With Sales Mired in Slump
- May sales fell 22% from year earlier, were flat versus April
- Drop in new listings is straining supply, realtor board says
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Prices for Toronto homes climbed in May as buyers competed for fewer new listings amid the worst sales slump in almost a decade.
Sales dropped 22 percent to 7,834, compared with the same month last year, according to data Monday from the Toronto Real Estate Board. Seasonally adjusted, transactions fell for the fifth-straight month to the lowest level since 2009.