The Toronto Regional Real Estate Board (TRREB) reported a rise in home sales in September as buyers started benefiting from lower home prices and interest rate cuts.
A total of 4,996 homes were sold across the Greater Toronto Area (GTA), marking an 8.5% increase from the 4,606 sales in September last year. Sales also saw an increase from August after seasonal adjustments.
The average home price dropped by 1% year-over-year to $1,107,291, while the composite benchmark price, reflecting the typical home, decreased by 4.6%.
TRREB CEO John DiMichele highlighted that new mortgage rules, including longer amortization periods, are giving buyers more flexibility, helping to support the market’s recovery.
New listings for September reached 18,089, a 10.5% rise from last year.
