Toronto house prices fall, 8.5% sales in September

Toronto’s Real Estate Board says sales increased in September as prices continued to fall.

The Toronto Regional Real Estate Board says that 5,592 houses sold in the month had increased by 8.5 percent from the same month last year, and had increased by two percent on a seasonal adjusted basis since August.

The sales increased as the average selling price was reduced by 4.7 percent from the previous year, and the overall benchmark price in September was 5.5 percent lower.

Compared to August, the average selling price was 0.2 percent.

The new listing of 19,260 was four percent from last year, and since August seasonally adjusted 3.3 percent.

The board says that the interest rate cut from Bank of Canada can help increase sales.