The Toronto Regional Real Estate Board says home sales in October surged as buyers continued moving off the sidelines amid lower interest rates.
Sammy Hudes, The Canadian PressAfter catching you up on the news of the week, Amanda Lang speaks with Aled ab Iorweth, deputy chief economist with the Canada Mortgage and Housing Corporation, to check in on the pace of Canadian home construction and whether it will meet our future housing needs.
The board says 6,658 homes changed hands last month in the Greater Toronto Area, up 44.4 per cent compared with 4,611 in the same month last year.The average selling price was up 1.1 per cent compared with a year earlier at $1,135,215. The composite benchmark price, meant to represent the typical home, was down 3.3 per cent year-over-year.
Board president Jennifer Pearce says that while it is still early in the Bank of Canada’s key interest rate cutting cycle, homebuyers appear motivated by lower borrowing costs which contributed to a “positive affordability picture” last month alongside relatively flat home prices.This report by The Canadian Press was first published Nov. 6, 2024.
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