01/04/2019 08:55 EST | Updated 01/04/2019 09:00 EST

Toronto Real Estate Clocks Worst December Since 2012

For all of 2018, sales were down 16 per cent and prices fell more than four per cent.

ravphotographix via Getty Images
The Absolute Towers, a condo complex in Mississauga, Ont. The Greater Toronto housing market has clocked its worst December since 2012, with sales down 22.5 per cent from a year earlier.

TORONTO — The number of homes sold in Toronto and the surrounding area fell in 2018, along with the number of new listings hitting the market, as homebuyers and sellers grappled with a new reality of higher interest rates and stricter mortgage rules.

The Toronto Real Estate Board says there were 77,426 residential transactions recorded through its Multiple Listing Service (MLS) system last year, down 16.1 per cent from 92,263 sales in 2017.

Watch: Canada's most expensive condo just got a serious price cut. Story continues below.

The board says the total number of new listings was also lower, pulling back 12.7 per cent to 155,823 in 2018.

Meanwhile, the average selling price for all property types in the Greater Toronto Area fell by 4.3 per cent to $787,300.

Earlier on HuffPost Canada:

The latest monthly data, for December, showed sales down 22.5 per cent from the same time a year earlier. It was the worst December for home sales since 2012, according to a client note from Bank of Montreal.

The average price of a detached home in the city of Toronto was down 8 per cent in a year, to $1.145 million, while in the suburban 905 region prices fell 2.2 per cent to $891,095. Condo prices continued to put in a strong performance, up 11.4 per cent in the city, to $594,381, and up 5.8 per cent in the suburbs, to $454,135.

— The Canadian Press, with a file from HuffPost Canada

America Votes
The latest polls, breaking news and analysis on the U.S. election from HuffPost’s Washington, D.C. bureau