The Toronto Real Estate board reported 2,670 home resales in January, down 47 per cent from a year earlier, and said prices declined 8 per cent.
The January sales compared with 5,075 a year earlier. The average price declined to $343,632, compared with $374,449.
Meanwhile, the number of rentals through Realtors has surged 30 per cent.
The real estate board also reported that 3,433 condominium apartments and townhouses were rented through Realtors in the final three months of 2008, up from 2,635 in 2007. Rents for two-bedroom units were up 2 per cent to $1,895 a month, while bachelor-apartment rents slipped 3 per cent to $1,194.
- PHOTOS: What's Brewing in Steamy Hallows, the Harry Potter-Inspired Cafe19 Pictures
- PHOTOS: Frida Kahlo at the Brooklyn Museum doesn't hold back23 Pictures