Home sales were up in the Greater Toronto Area (GTA) during September while prices were down, according to new data from the Toronto Regional Real Estate Board (TRREB).
A total of 4,996 home sales were recorded through TRREB’s MLS System last month, up 8.5% from the 4,606 sales reported in September 2023. New listings entered into the MLS System amounted to 18,089, a 10.5% year-over-year spike.
The MLS Home Price Index Composite benchmark was down by 4.6% from one year earlier while the average selling price last month of $1.10 million was down by less than 1% from the September 2023 average of $1.11 million.
“The annual improvement in September home sales was more than matched by the increase in new listings over the same period. This resulted in a better-supplied market and increased negotiating power for buyers re-entering the market. The ability to negotiate on price, led to moderate year-over-year price declines, particularly in the more affordable condo apartment and townhouse segments, which are popular with first-time buyers,” said TRREB Chief Market Analyst Jason Mercer.
