Today’s focus: Toronto’s September benchmark price eased from August; Montreal inventory rose; and a potential Ontario new-home GST/HST rebate may not be cash available on closing.
1. Toronto benchmark price fell for a second month
Canadian Mortgage Trends, citing Bloomberg and seasonally adjusted Toronto Regional Real Estate Board data, reported a September benchmark price of $924,600, down 0.5% from August and about 4.7% from a year earlier. Sales fell 5.2% from August. A monthly market result is not an appraisal, a price forecast or an approval decision for a particular buyer.
2. Montreal sales slowed as active listings grew
Montreal recorded 3,082 September residential sales, down 12% year over year, while active listings rose 20% to 21,793, according to the report. Local supply-demand conditions vary by city, property type and price range; this is national market context, not a direct GTA forecast.
3. New-home rebates: eligibility is not the same as closing cash
The report notes potential combined Ontario GST/HST-related relief of up to $130,000 for qualifying new-home buyers. The practical issue is whether a builder credits the amount at closing, whether the buyer must apply later, and how a lender or mortgage insurer treats it. An expected rebate should not automatically be treated as down payment or closing cash.
What GTA clients can do with this information
Before a purchase, renewal or pre-construction closing, assess the news against verified income, debt, down payment/closing funds, property costs, holding plans and formal lender terms. Confirm rebate eligibility and timing with the builder, real estate lawyer, tax adviser and lender as appropriate.