The Toronto Regional Real Estate Board (TRREB) reported a rise in home sales for September. A total of 5,592 homes were sold during the month, marking an 8.5% increase compared with the same month last year and a 2% increase from August on a seasonally adjusted basis.
Prices Continue to Decline
Despite higher sales, average home prices in Toronto continue to trend downward. The average selling price fell 4.7% from last year, landing at $1,059,377, while the composite benchmark price decreased by 5.5% in September. Compared to August, the average selling price inched up slightly by 0.2%.
Listings See Moderate Change
New listings for the month totaled 19,260, up 4% from last year but down 3.3% from August when seasonally adjusted.
Interest Rate Cuts May Boost Sales
The board noted that potential interest rate reductions by the Bank of Canada could further stimulate home sales in the coming months.
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