GTA home sales climb as buyers seize lower rates, but prices edge down

Homebuyers in the Greater Toronto Area responded quickly to the Bank of Canada's September rate cut, with sales rising 8.5% year-over-year. However, the average selling price dropped nearly 5% as buyers negotiated amid abundant options. Detached homes saw the largest price declines. Despite increased sales, the market still favors buyers, with affordability and supply constraints influencing demand. Further rate cuts and coordinated industry efforts could boost the market.