Toronto home sales rose 8.5% in September as prices decline

Toronto’s real estate board says sales rose in September as prices continued to decline.

The Toronto Regional Real Estate Board says the 5,592 homes sold in the month was up 8.5 per cent from the same month last year, and up two per cent on a seasonally adjusted basis from August.

The rise in sales came as the average selling price was down 4.7 per cent from last year to $1,059,377, and the composite benchmark price was down 5.5 per cent in September.

Compared with August, the average selling price ticked up 0.2 per cent.

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New listings of 19,260 were up four per cent from last year, and down 3.3 per cent, seasonally adjusted, from August.

The board says interest rate cuts from the Bank of Canada could help push up sales.