Toronto’s real estate market saw an increase in sales during September while prices experienced a decline, according to the Toronto Regional Real Estate Board. Sales of 5,592 homes in the month marked an 8.5% rise compared to the same period last year and a 2% increase when seasonally adjusted from August.
The average selling price dropped by 4.7% from the previous year to $1,059,377, and the composite benchmark price decreased by 5.5% in September. However, there was a slight uptick of 0.2% in the average selling price compared to August. New listings reached 19,260, showing a 4% increase from last year but a 3.3% decrease when seasonally adjusted from August.
The Toronto real estate board suggested that the recent interest rate cuts by the Bank of Canada could potentially drive up sales in the market.