In September, Toronto’s real estate market saw an increase in sales alongside a continued decrease in prices. The Toronto Regional Real Estate Board reported a total of 5,592 homes sold during the month, marking an 8.5% rise compared to the same period last year. Additionally, sales were up by 2% when adjusted for seasonal variations from August.
Despite the surge in sales, the average selling price experienced a 4.7% decline year-over-year, settling at $1,059,377. The composite benchmark price also saw a decrease of 5.5% in September. In comparison to August, the average selling price saw a slight uptick of 0.2%.
New listings reached 19,260, reflecting a 4% increase from the previous year. However, when adjusted for seasonal factors, new listings were down by 3.3% compared to August. The Toronto Real Estate Board suggested that the recent interest rate cuts by the Bank of Canada could potentially drive sales higher.