Weekly Real Estate News
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.
