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Toronto Home Sales Surge

Toronto home sales see a significant increase in October, driven by interest rate cuts and eased mortgage rules, indicating a potential market rebound across Canada.

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Canada

EconomyLabour MarketInterest RatesCanadaReal EstateHousing Market

Toronto Regional Real Estate Board (Trreb)Bank Of Canada

Jennifer PearceJason Mercer

What factors contributed to the increased home sales activity in October?: Lower borrowing costs, with five-year fixed mortgages below 4 percent, and relatively stable home prices fueled the increased activity. Despite a slight decrease in new listings, the available inventory remains relatively high, suggesting potential for further price increases.
What future predictions are made regarding the Toronto real estate market?: Experts predict continued sales growth due to anticipated further interest rate decreases. The Toronto home price index was slightly up in October compared to September, remaining 3.4 percent below October 2023 levels, suggesting a gradual market recovery.
How did home sales and prices trend in Vancouver and Calgary during the same period?: Vancouver saw a 42 percent surge in home sales from September to October, while Calgary experienced an 8.5 percent increase. These increases contrast with the national trend of home prices down 16 percent from their 2022 peak, and suggest a regional variation in market recovery.
How many transactions were recorded in the Toronto region in October after seasonal adjustments?: The Toronto Regional Real Estate Board (TRREB) reported 6,390 transactions in October after seasonal adjustments, a 34 percent increase year-over-year and the highest volume since January. This growth reflects a broader market rebound across major Canadian cities.
What was the percentage increase in Toronto home sales in October compared to the previous month?: Toronto's home sales surged by 14 percent in October, marking the most significant monthly increase in almost a year. This rise is attributed to increased buyer activity following multiple interest rate cuts and eased mortgage rules.

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