A look at 19 Pump Hill Close S.W. in Calgary, Alta. (Realtor.ca)This 10,600-square-foot-home in Pump Hill is inspired by the Provence region in France and sits on a 0.6-acre lot.
A look at 19 Pump Hill Close S.W. in Calgary, Alta. (Realtor.ca)”An architectural masterpiece, this home harmoniously fuses the finest in French and Italian craftsmanship,” says the listing.
A look at 44 Aspen Ridge Heights S.W. in Calgary, Alta. (Realtor.ca)It has been listed on Realtor.ca for 62 days.
A look at 40 Eagle Ridge Place S.W. in Calgary. (Realtor.ca)This gated home in Eagle Ridge sits on a sprawling double lot.
A look at 40 Eagle Ridge Place S.W. in Calgary. (Realtor.ca)The home may be of interest to culinary enthusiasts due to its walk-in cooler, gas cooktop, double ovens and commercial-grade appliances.
A look at 40 Eagle Ridge Place S.W. in Calgary. (Realtor.ca)The bungalow is located at 
A look at 4308 Coronation Drive S.W. in Calgary, Alta. (Realtor.ca)Built in 2021, this 6,143-square-foot home is just steps away from the Calgary Golf & Country Club.
A look at 4308 Coronation Drive S.W. in Calgary, Alta. (Realtor.ca)The home even has an elevator connecting the four-car garage to an upper entertainment space.
A look at 4308 Coronation Drive S.W. in Calgary, Alta. (Realtor.ca)This two-storey home is located at 
A look at 530 Crescent Road N.W. in Calgary, Alta. (Realtor.ca)
A look at 530 Crescent Road N.W. in Calgary, Alta. (Realtor.ca)”As you enter, you’re greeted by a front patio with a fireplace offering sweeping vistas of the city skyline,” states the listing. “Ten inch ceilings on the main floor exudes modern sophistication showcasing a state-of-the-art kitchen with sleek design elements.”
A look at 530 Crescent Road N.W. in Calgary, Alta. (Realtor.ca)This three-storey home is located at 
TORONTO – The Toronto Regional Real Estate Board says home sales in October surged as buyers continued moving off the sidelines amid lower interest rates.
The board said 6,658 homes changed hands last month in the Greater Toronto Area, up 44.4 per cent compared with 4,611 in the same month last year. Sales were up 14 per cent from September on a seasonally adjusted basis.
The average selling price was up 1.1 per cent compared with a year earlier at $1,135,215. The composite benchmark price, meant to represent the typical home, was down 3.3 per cent year-over-year.
“While we are still early in the Bank of Canada’s rate cutting cycle, it definitely does appear that an increasing number of buyers moved off the sidelines and back into the marketplace in October,” said TRREB president Jennifer Pearce in a news release.
“The positive affordability picture brought about by lower borrowing costs and relatively flat home prices prompted this improvement in market activity.”
The Bank of Canada has slashed its key interest rate four times since June, including a half-percentage point cut on Oct. 23. The rate now stands at 3.75 per cent, down from the high of five per cent that deterred many would-be buyers from the housing market.
New listings last month totalled 15,328, up 4.3 per cent from a year earlier.
In the City of Toronto, there were 2,509 sales last month, a 37.6 per cent jump from October 2023. Throughout the rest of the GTA, home sales rose 48.9 per cent to 4,149.
The sales uptick is encouraging, said Cameron Forbes, general manager and broker for Re/Max Realtron Realty Inc., who added the figures for October were stronger than he anticipated.
“I thought they’d be up for sure, but not necessarily that much,” said Forbes.
“Obviously, the 50 basis points was certainly a great move in the right direction. I just thought it would take more to get things going.”
He said it shows confidence in the market is returning faster than expected, especially among existing homeowners looking for a new property.
“The average consumer who’s employed and may have been able to get some increases in their wages over the last little bit to make up some ground with inflation, I think they’re confident, so they’re looking in the market.
“The conditions are nice because you’ve got a little more time, you’ve got more choice, you’ve got fewer other buyers to compete against.”
All property types saw more sales in October compared with a year ago throughout the GTA.
Townhouses led the surge with 56.8 per cent more sales, followed by detached homes at 46.6 per cent and semi-detached homes at 44 per cent. There were 33.4 per cent more condos that changed hands year-over-year.
“Market conditions did tighten in October, but there is still a lot of inventory and therefore choice for homebuyers,” said TRREB chief market analyst Jason Mercer.
“This choice will keep home price growth moderate over the next few months. However, as inventory is absorbed and home construction continues to lag population growth, selling price growth will accelerate, likely as we move through the spring of 2025.”
This report by The Canadian Press was first published Nov. 6, 2024.
