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TORONTO — The Toronto Regional Actual Property Board says house gross sales in October surged as consumers continued transferring off the sidelines amid decrease rates of interest.
The board says 6,658 properties modified arms final month within the Larger Toronto Space, up 44.4 per cent in contrast with 4,611 in the identical month final 12 months.
Gross sales have been up 14 per cent from September on a seasonally adjusted foundation.
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The common promoting value was up 1.1 per cent in contrast with a 12 months earlier at $1,135,215. The composite benchmark value, meant to characterize the everyday house, was down 3.3 per cent year-over-year.
Board president Jennifer Pearce says that whereas it’s nonetheless early within the Financial institution of Canada‘s key rate of interest reducing cycle, homebuyers seem motivated by decrease borrowing prices which contributed to a “constructive affordability image” final month alongside comparatively flat house costs.
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New listings final month totalled 15,328, up 4.3 per cent from a 12 months earlier.
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