In September, Toronto’s real estate market experienced a boost in sales alongside a continued decline in prices. The Toronto Regional Real Estate Board reported a total of 5,592 homes sold during the month, marking an 8.5% increase compared to the same period last year. Additionally, sales saw a 2% rise on a seasonally adjusted basis from August.
Despite the uptick in sales, the average selling price dipped by 4.7% year-over-year, reaching $1,059,377. Similarly, the composite benchmark price decreased by 5.5% in September. However, compared to August, there was a slight 0.2% increase in the average selling price.
New listings also saw changes, with 19,260 properties hitting the market, showing a 4% 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 interest rate cuts by the Bank of Canada could potentially drive sales upward.
This data indicates a dynamic market in Toronto, with shifting sales figures and pricing trends that could be influenced by changing economic factors.
