In September, Toronto’s real estate market saw an increase in sales alongside a continued decline in prices, according to the Toronto Regional Real Estate Board. The board reported a total of 5,592 homes 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 experienced a 4.7% decrease from the previous year, settling at $1,059,377. Additionally, the composite benchmark price dropped by 5.5% in September. However, there was a slight increase of 0.2% in the average selling price when compared to August.
New listings also saw changes, with a total of 19,260 properties listed, showing a four percent increase from the previous year but a 3.3% decrease on a seasonally adjusted basis from August.
The Toronto Real Estate Board suggested that potential boosts in sales could be driven by recent interest rate cuts implemented by the Bank of Canada.