Toronto’s real estate market sees strongest monthly sales growth since December 2023

Home sales in the Greater Toronto Area (GTA) surged by 14% in October, marking the strongest monthly increase since December 2023, with 6,390 units sold. The average home price rose by 1.5% to CAD 1.13 million, the highest monthly increase since June. However, new property listings fell by 6.8%, attributed to high-interest rates. The Bank of Canada’s recent rate cuts may stimulate buyer interest, as indicated by a 44.4% year-over-year increase in sales, reflecting growing confidence in the market.