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

The Toronto Regional Real Estate Board says location income successful October surged arsenic buyers continued moving disconnected the sidelines amid little involvement rates.

The committee says 6,658 homes changed hands past period successful the Greater Toronto Area, up 44.4 per cent compared with 4,611 successful the aforesaid period past year.

Sales were up 14 per cent from September connected a seasonally adjusted basis.

The mean selling terms was up 1.1 per cent compared with a twelvemonth earlier astatine $1,135,215. The composite benchmark price, meant to correspond the emblematic home, was down 3.3 per cent year-over-year.

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Board president Jennifer Pearce says that portion it is inactive aboriginal successful the Bank of Canada’s cardinal involvement complaint cutting cycle, homebuyers look motivated by little borrowing costs which contributed to a “positive affordability picture” past period alongside comparatively level location prices.

New listings past period totalled 15,328, up 4.3 per cent from a twelvemonth earlier.