In September, the Toronto Regional Real Estate Board reported an increase in home sales alongside a continued decline in prices. The board stated that 5,592 homes were sold during the month, marking an 8.5% rise compared to the same period last year and a 2% increase on a seasonally adjusted basis from August.
Despite the uptick in sales, the average selling price saw a 4.7% decrease from the previous year, settling at $1,059,377, while the composite benchmark price dropped by 5.5% in September. However, in comparison to August, the average selling price experienced a slight 0.2% increase.
New listings also saw a rise, with 19,260 properties listed, showing a 4% increase year-over-year, although there was a 3.3% decrease when adjusted for seasonality compared to August.
The Toronto Real Estate Board suggested that the recent interest rate reductions by the Bank of Canada could potentially stimulate sales in the coming months.
