Toronto home sales rose in September as buyers enjoyed lower rates, prices

The Toronto Regional Real Estate Board says home sales in September rose as buyers began taking advantage of interest rate cuts and lower home prices.

The board says 4,996 homes were sold last month in the Greater Toronto Area, up 8.5 per cent compared with 4,606 in the same month last year. Sales were up from August on a seasonally adjusted basis.

The average selling price was down one per cent compared with a year earlier at $1,107,291.

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The composite benchmark price, meant to represent the typical home, was down 4.6 per cent year-over-year.

1:54 Business Matters: Canada’s housing market in holding pattern, CREA data shows

The board’s CEO John DiMichele says recently introduced mortgage rules, including longer amortization periods, will give home buyers more options and flexibility as the housing market recovers.

New listings last month totalled 18,089, up 10.5 per cent from a year earlier.