By Fergal Smith
TORONTO (Reuters) -Greater Toronto Area home sales rose to an eight-month high in September, while prices declined, Toronto Regional Real Estate Board data showed on Friday.
Seasonally adjusted sales increased 2% on a month-over-month basis to 5,765 units, marking the highest level since January.
TRREB’s home price index was down 0.5% after seasonal adjustment from August to C$971,500 ($695,668). Prices have declined or were flat every month since November last year.
The Greater Toronto Area includes Toronto, Canada’s most populous city, and four surrounding regional municipalities.
“While home sales have improved over the past year, they still remain below normal levels relative to the number of households in the GTA,” TRREB chief information officer Jason Mercer said in a statement.
Additional interest rate cuts by the Bank of Canada could help lower mortgage payments and spur further improvement in sales, Mercer said.
The Canadian central bank lowered its benchmark rate last month to a three-year low of 2.5%, its first cut since March.
On a year-to-year basis, the price index fell 5.5%, while sales were up 8.5% and new listings climbed 4%.
($1 = 1.3965 Canadian dollars)
(Reporting by Fergal Smith in Toronto; Editing by Nia Williams)
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