Home sales in the greater Toronto-area, the biggest conurbation in Canada, posted in September their biggest month-on-month gain since the start of the year, official data showed on Thursday.
Sales increased by 3.3% from August, the largest monthly advance since the 12.1% rise recorded in January, said the Toronto Regional Real Estate Board (TRREB).
Average prices for homes rose for the seventh time in eight months, edging up 0.1% to C$1.16 million, while new listings jumped by 9.8%, the TRREB said in a statement. All the data are seasonally adjusted.
Buyers are starting to take advantage of more affordable market conditions brought about by interest rate cuts and lower home prices, the board said. Markets predict the Bank of Canada will cut rates for the fourth time in a row on Oct. 23.
Source Homevior.in
