Toronto’s real estate market saw an increase in sales during September while prices continued to decrease, according to the latest report from the Toronto Regional Real Estate Board. The board reported a total of 5,592 homes sold in the month, marking an 8.5% rise compared to the same period last year. Additionally, there was a 2% increase in sales on a seasonally adjusted basis from August.
Despite the uptick in sales, the average selling price experienced a 4.7% decline year-over-year, settling at $1,059,377. The composite benchmark price also saw a decrease of 5.5% in September. However, when compared to August, the average selling price slightly increased by 0.2%.
New listings in September totaled 19,260, showing a four percent increase from the previous year. However, when seasonally adjusted, new listings were down by 3.3% from August.
The Toronto Real Estate Board noted that the recent interest rate cuts by the Bank of Canada might contribute to a potential boost in sales in the coming months.
