The Toronto Regional Real Estate Board (TRREB) says home sales across the Greater Toronto Area (GTA) rose in September as prices declined and interest rates fell.
The real estate board says 5,592 homes were sold in Toronto during September, up 8.5% from the same month of 2024 and up 2% from August of this year.
The rise in sales came as the average selling price declined 4.7% from last year to $1.06 million. Compared with August, the average selling price inched up 0.2%.
New listings in Toronto of 19,260 were up 4% from last year, but down 3.3% from August, which is the height of the summer selling season.
The real estate board said a 25-basis point interest rate cut from the Bank of Canada on Sept. 17 also gave sales a boost.
Vancouver Home Sales
Across the country in Vancouver, home sales inched up 1.2% year-over-year in September. However, sales remain well below long-term trends as listings in the city continue to increase.
Home sales across Greater Vancouver totaled 1,875 in September, a 1.2% increase from last year but 20% below the 10-year seasonal average, according to the local real estate board.
There were 6,527 new home listings in September, a 6.2% increase from last year, leaving total listings up 14.4% from a year earlier at 17,079 homes.
The total number of homes for sale in Greater Vancouver is now 36% above the 10-year seasonal average.
The rise in listings and tepid sales led to a 3.2% price decline in September. The average home price in Vancouver is now $1.14 million.
Detached home sales were up 7% in September from last year and apartment sales rose 1.5%. However, sales of attached homes and condominiums were down 5.8%.
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