Toronto Home Sales Climb 14% in October, Boosted by Rate Cuts
- Benchmark measure of prices rose for the first time since July
- Lower borrowing costs are helping affordability, Pearce says
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Toronto home sales surged in October as the Bank of Canada cut interest rates by the most since early 2020.
Transactions in Canada’s largest city rose 14% from September, the third straight month of gains, according to seasonally adjusted data released Wednesday by the Toronto Regional Real Estate Board. The jump in deals helped push the benchmark price up 0.1% to C$1.083 million ($782,700), its first increase since July.