Toronto Sales Up 8.5% as Prices Fall 4.7%

Toronto-region home sales rose in September to 5,592 transactions, an 8.5% year‑over‑year increase and about 2% higher on a seasonally adjusted basis, the Toronto Regional Real Estate Board reported. The average selling price fell 4.7% year‑over‑year to roughly C$1.059 million, while the benchmark price slipped 0.5% from August to C$971,500, leaving values more than 20% below the February 2022 peak. Active listings were up nearly 20% to about 29,394—the highest September total since 1996—and new listings rose about 4%, sustaining buyers’ negotiating power despite some month‑over‑month tightening as sales outpaced new listings. TRREB Chief Information Officer Jason Mercer said improved affordability from lower prices and recent borrowing‑cost reductions has drawn some buyers off the sidelines. Observers cautioned it is too early to call a trend reversal and will watch October data to see if sales momentum continues.