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Home sales in the Greater Toronto Area (GTA) reached an eight-month peak in September, with 5,765 units sold, marking a 2% month-over-month increase and the highest since January. Despite rising sales, home prices softened slightly to CAD 971,500 (USD 695,668), continuing a trend of flat or declining prices since November last year. Year-over-year, sales grew 8.5%, new listings rose 4%, and the price index fell 5.5%. Analysts suggest that recent Bank of Canada rate cuts could ease mortgage payments and encourage further market activity.
Home sales in the Greater Toronto Area rose to an eight-month high in September, reflecting steady buyer interest even as prices continued to ease. According to data from the Toronto Regional Real Estate Board (TRREB), seasonally adjusted sales increased 2% from the previous month, reaching 5,765 units. This represents the strongest level of monthly sales since January, showing modest improvement in the region's housing activity. Advertisement
The TRREB home price index, after seasonal adjustment, fell 0.5%, bringing the average home price to CAD 971,500 (USD 695,668). This marks a continuation of a broader trend, as prices in the GTA have either declined or remained stable each month since November last year. The region includes Toronto and four surrounding municipalities, forming Canada's most densely populated urban area.
TRREB's chief information officer, Jason Mercer, noted that while sales have improved over the past year, they remain below normal levels relative to the number of households in the GTA. Mercer emphasized that additional interest rate cuts from the Bank of Canada could help reduce mortgage payments and encourage more buyers to enter the market.
Last month, the Bank of Canada lowered its benchmark interest rate to 2.5%, the first reduction since March and the lowest level in three years. Analysts believe this move could support housing activity by improving affordability and reducing borrowing costs.
On a yearly basis, TRREB data shows that sales were up 8.5%, new listings increased 4%, while the price index fell 5.5%. This combination of rising sales and stable or declining prices suggests a market slowly adjusting to economic conditions and interest rate changes, providing potential opportunities for buyers who have been waiting for more favorable conditions.
The increase in listings indicates that more homeowners are willing to sell, adding to market supply and helping stabilize prices. However, sales levels, while improving, still reflect a market below historical norms, highlighting the balance between affordability challenges and buyer interest in the GTA.
Source Reuters
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