TORONTO (Reuters) – Greater Toronto Area home sales rose for the fourth straight month in November and prices climbed to a one-year high as lower borrowing costs encouraged buyers to move off the sidelines, data released on Wednesday showed.
Seasonally adjusted sales increased 1.9% in November from October to 6,450 units, adding to gains in the previous three months, according to Toronto Regional Real Estate Board data. Compared to November 2023, sales were up 40%.
The GTA includes Toronto, Canada’s most populous city, and four surrounding regional municipalities.
“As we approach the end of 2024, I am pleased to report an improvement in housing market conditions. Many home buyers patiently waited on the sidelines for reduced inflation and lower borrowing costs,” TRREB President Jennifer Pearce said in a statement.
The Bank of Canada has cut its benchmark interest rate by 1.25 percentage points since June to 3.75%. Investors expect further easing at a policy decision next week.
“With selling prices remaining well off their historic peak and monthly mortgage payments trending lower, the stage is set for an accelerating market recovery in 2025,” Pearce said.
TRREB’s home price index jumped 0.8% month-over-month on a seasonally adjusted basis to C$1,094,100 ($777,778), its highest level since November last year.
New listings also rose, climbing 4.4% from October to 14,907 units. They were up 14.4% year-over-year.
($1 = 1.4067 Canadian dollars)
(Reporting by Fergal Smith; Editing by Richard Chang)
