Greater Toronto home sales jump in October after Bank of Canada rate cuts

Home sales in the Greater Toronto Area surged in October, with 6,658 transactions, a 44.4% increase from last year. The average selling price rose 1.1% to $1,135,215, while the composite benchmark price fell 3.3%. The Bank of Canada's interest rate cuts have encouraged buyers to return to the market. New listings increased by 4.3% to 15,328. All property types saw sales growth, particularly townhouses, which rose by 56.8%. Market conditions remain favorable for buyers, with ample inventory expected to moderate price growth in the coming months.