Toronto Housing Market Drops to Start the Year as Buyers Flee

Toronto’s housing market dropped to start the year, with both sales and prices dipping, amid deepening skepticism real estate is due for a rebound anytime soon.

The number of homes that traded hands in Canada’s largest city fell 9.9% in January from the month before, data released Wednesday by the Toronto Regional Real Estate Board showed. The benchmark price of a home fell 1.7% on a seasonally adjusted basis from the previous month to C$941,200 (about $689,000), the data show. That was the biggest price decline in more than two years.