A total of 5,592 home sales were transacted through the Toronto Regional Real Estate Board’s (TRREB) MLS System in September, an 8.5% year-over-year increase. This occurred with a 4% year-over-year uptick of new listings into the MLS System, resulting in a total of 19,260.
On a seasonally adjusted basis, September home sales were up month-over-month while new listings were down, which the TRREB observed as a potential tightening in some housing segments.
The MLS Home Price Index Composite benchmark was down by 5.5% while the average selling price of $1.05 million was down by 4.7% from one year ago and up by a scant 0.2% from August.
“While home sales have improved over the past year, they still remain below normal levels relative to the number of households in the GTA,” said TRREB Chief Information Officer Jason Mercer. “Two more 25-basis-point interest rate cuts by the Bank of Canada would see monthly mortgage payments move more in line with homebuyers’ average incomes, further spurring home sales and related economic activity.”
