Greater Toronto home sales jump in October after Bank of Canada rate cuts: board

The Toronto Regional Real Estate Board reports that home sales saw a significant increase in October, as more buyers returned to the market amid lower interest rates.

According to the board, 6,658 homes were sold in the Greater Toronto Area last month, marking a 44.4 percent rise from 4,611 sales in October of the previous year. On a seasonally adjusted basis, sales also rose by 14 percent from September.

The average selling price increased by 1.1 percent from the previous year, reaching $1,135,215. However, the composite benchmark price, which reflects the typical home, decreased by 3.3 percent year-over-year.

Jennifer Pearce, president of the board, stated that while it is still early in the Bank of Canada’s interest rate reduction cycle, homebuyers appear to be encouraged by the lower borrowing costs, which helped create a “positive affordability picture” last month, alongside relatively stable home prices.

The number of new listings in October reached 15,328, a 4.3 percent increase from the same month last year.