The number of homes sold in the Greater Toronto Area (GTA) rose substantially in October, leading industry analysts to suggest that the Bank of Canada‘s interest rate cuts had improved affordability and encouraged buyers to re-enter the market.

The Toronto Regional Real Estate Board (TRREB) reported 6,658 homes were sold through its MLS system last month, a 44.4 per cent increase from October 2023. “It’s a really nice number to say, but we have to look at how low sales were a year ago,” said Toronto realtor Cailey Heaps, adding that “things are definitely tracking in the right direction,” though the market has yet to return to peak levels.