Toronto’s real estate market witnessed a surge in sales during September alongside a continued decline in prices. According to the Toronto Regional Real Estate Board, there were 5,592 homes sold last month, marking an 8.5% increase from the same period last year. On a seasonally adjusted basis, sales rose by two percent compared to August.
Despite the uptick in sales, the average selling price experienced a 4.7% decrease from the previous year, settling at $1,059,377. The composite benchmark price also declined by 5.5% in September. However, there was a slight increase of 0.2% in the average selling price when compared to August figures.
New listings saw a rise of four percent year-over-year, totaling 19,260 properties. However, there was a 3.3% decrease in new listings on a seasonally adjusted basis compared to August.
The Toronto Real Estate Board suggests that potential interest rate cuts by the Bank of Canada could potentially boost sales in the upcoming months.
