Greater Toronto Area (GTA) home prices rose in September for the first time in four months, as the Bank of Canada paused its interest rate hiking campaign, but the level of sales fell to the lowest since January. The average price of a GTA home rose 3.4% in September from August to C$1,119,428 ($816,623.87), the first increase since May, Toronto Regional Real Estate Board (TRREB) data showed on Wednesday. On a year-over-year basis, home prices were up 3%.
Construction equipment is parked at the bottom of a pit on the site of a new condominium complex in TorontoTORONTO - Greater Toronto Area home prices rose in September for the first time in four months, as the Bank of Canada paused its interest rate hiking campaign, but the level of sales fell to the lowest since January.
On a year-over-year basis, home prices were up 3%. Still, they have fallen 16.1% from a peak hit in February 2022. "GTA home selling prices remain above the trough experienced early in the first quarter of 2023," Jason Mercer, TRREB chief market analyst, said in a statement. New listings jumped 44.1% year-over-year, while home sales were down 7.1%. On a month-over-month basis, sales fell 12.3% to 4,642 homes.
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