Sales up, prices down in GTA housing market Oct 6th

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Sales up, prices down in GTA housing market

– moneysense.ca

Toronto-area home sales rose in September while prices continued to decline, as the city’s real estate board says the market could continue heating up amid ample choice and lower borrowing costs.

The Toronto Regional Real Estate Board said the 5,592 homes sold last month was up 8.5% from September of last year, and up 2% on a seasonally adjusted basis from August. The rise in sales came as the average selling price was down 4.7% from last year to $1,059,377, and the composite benchmark price was down 5.5% in September. Compared with August, the average selling price ticked up 0.2%.

“The Bank of Canada’s September interest rate cut was welcome news for homebuyers,” said TRREB president Elechia Barry-Sproule in a press release. “With lower borrowing costs, more households are now able to afford monthly mortgage payments on a home that meets their needs.”

The central bank cut its benchmark rate by a quarter-percentage point to 2.5% on Sept. 17, breaking a streak of three consecutive holds since March…

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