Toronto area home sales fell 44.1% in September from a year ago and were down 10.5% from August, the data showed. New listings were down 16.7% from last September, while active listings jumped 47.3%.

The average selling price in the region edged up 0.7% from August to C$1.09 million ($806,511), supported by condos, though prices are down 4.3% on the year. Prices are now 18.6% below February's peak.

The Bank of Canada hiked its policy rate by 75-basis points in September to 3.25%, a 14-year high, and said interest rates need to go higher still.

On a seasonally adjusted basis, sales fell 10.8% in September from August, while prices edged down 2.7%, TRREB said.

($1 = 1.3515 Canadian dollars)

(Reporting by Julie Gordon in Ottawa; Editing by David Gregorio)