TORONTO – Those who have had their house for sale for months and have not yet managed to sell it can probably breathe a sigh of relief: the market is recovering, because recent interest rate cuts have made mortgages more accessible and sustainable and therefore co-buying a house is no longer impossible (for people with a normal salary and without “treasures” in the bank) as it was until a few months ago. 

The Toronto Regional Real Estate Board (TRREB), as reported today by the Canadian Press, says that home sales increased in September as buyers began to take advantage of interest rate cuts and lower home prices.

Going into more detail, the TRREB board says 4,996 homes were sold in the Greater Toronto Area last month, up 8.5 per cent from 4,606 in the same month last year. Sales increased compared to August on a seasonally adjusted basis. The average sales price fell 1% from the previous year to $1,107,291. The composite reference price, intended to represent the typical home, instead fell 4.6% year-on-year.

TRREB Board CEO John DiMichele says recently introduced mortgage rules, including longer amortization periods, will give homebuyers more options and flexibility as the housing market recovers.

The signs are all there: new listings last month amounted to 18,089, up 10.5% compared to the previous year.

Photo from https://trreb.ca