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Toronto

Toronto home sales rose in September as buyers took advantage of lower rates, prices

The Housing Market in the GTA is regaining some momentum, as continuing lower edprices and rate cuts recalibrated in the month of September.

TORONTO — The Toronto Regional Real Estate Board says home sales in September rose as buyers began taking advantage of interest rate cuts and lower home prices.

The board says 4,996 homes were sold last month in the Greater Toronto Area, up 8.5 per cent compared with 4,606 in the same month last year. Sales were up from August on a seasonally adjusted basis.

The average selling price was down one per cent compared with a year earlier at $1,107,291.

The composite benchmark price, meant to represent the typical home, was down 4.6 per cent year-over-year.

The board’s CEO John DiMichele says recently introduced mortgage rules, including longer amortization periods, will give home buyers more options and flexibility as the housing market recovers.

New listings last month totalled 18,089, up 10.5 per cent from a year earlier.

This report by The Canadian Press was first published Oct. 3, 2024.

The Canadian Press