Sales, prices in the GTA home market – Moneysenense

The Toronto Regional Real Estate Board said that the 5,592 houses sold last month, with 8.5% rose compared to September last year, and by 2% on a seasonal basic basis from August. The increase in sales was because the average selling price fell by 4.7% from last year to $ 1,059,377, and the composite benchmark price had fallen by 5.5% in September. In comparison with Augustus, the average selling price tapped 0.2%.

“The interest rate reduction of the Bank of Canada was welcome news for home buyers,” said Trreb president Echia Barry-Sproule in a press release. “With lower loan costs, more households can now pay monthly mortgage payments on a house that meets their needs.”

The Central Bank reduced its bench market rate by a quarter -time rate to 2.5% on 17 September, which broke a series of three consecutive Golds since March.

GTA Home Sales shows early rebound

Consumers start to recognize ‘a new normal’ when it comes to the economic and political situation, said Cailey Heaps, president of the Heaps Estrin Real Estate Team in Toronto. Although the GTA has not returned to the peak levels of activity that is seen during the Pandemic years, there are “sun rays in the market,” said Heaps.

“We are probably at the soil or climb from the bottom, so it feels like opportunistic to come in (the market),” she said in a telephone interview. “I think there is a kind of this buyer mentality of:” It’s ok to buy again. “

New lists of 19,260 rose by 3.9% compared to last year, and by 3.3%, adapted seasonal, from August. Active mentions rose by 18.9% compared to last year with 29,394 houses on the market.

In the city of Toronto there were 2,063 turnover last month, an increase of 13.2% compared to September 2024. During the rest of the GTA, housing sales rose by 5.9% to 3,529. In general, all real estate types in September saw more sales compared to a year ago in the entire region. The largest increase was in the semi-detached segment, which rose by 11%, followed by detached houses with an increase of 9.6% and apartments with an increase of 7.2%. The number of mansions that changed owner was 4.4% higher than in September 2024.

Lower rates can stimulate buyer activity

The board said that more interest rates from the Bank or Canada can help to further increase sales.

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“Although the sale of home has improved last year, they still remain under the normal levels compared to the number of households in the GTA,” said Jason Mercer of the board of directors. “Two more interest rates of the interest rate of the Bank of Canada would bring the monthly mortgage payments more in line with the average income of home buyers, which further stimulates the sale of houses and related economic activities.”

Heaps said: “It will take some time” before the market really returns to peak levels, but continuous interest rates are a factor that will attract potential buyers outside the sidelines. “We have to see the tightening of the inventory and that will simply happen inherent if buyers enter the market again,” she said. “From a broader perspective, people just have to feel comfortable that the Canadian economy is going in the right direction.”

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