The October 2024 market report from the Toronto Regional Real Estate Board (TRREB) showed a clear rise in home sales across the Greater Toronto Area (GTA). Sales rose 44.4% compared with October 2023, reaching a total of 6,658 transactions. Much of this boost came from recent cuts to interest rates. Those cuts encouraged more buyers to enter the market after a period of hesitation.
In January 2025, this post first appeared on this site. The figures, forecasts and dates below come from the time of writing. Some may have changed since.
Key highlights of the October 2024 market report
Here are the main numbers from the report:
- Sales rose across property types: Every property category saw more sales. Townhouses led with a 56.8% rise, followed by detached homes at 46.6% and semi-detached homes at 44%. Condo sales also rose by 33.4%.
- Average selling price: The average price rose a modest 1.1% year-over-year, reaching $1,135,215. However, the MLS Home Price Index benchmark dipped by 3.3% compared with October 2023.
- New listings: The total number of new listings rose by 4.3%, to 15,328 in October. This gave buyers plenty of choice. TRREB’s Chief Market Analyst, Jason Mercer, suggested this would help keep prices stable in the short term.
For the full details, see TRREB’s official Market Watch report: TRREB Market Watch, October 2024.
What the sales numbers tell us
A jump of 44.4% in sales is a big change in one year. It shows that many buyers had been waiting on the sidelines. When borrowing costs came down, they started to act. In other words, demand never went away. It was only on hold.
The mix of homes also matters. Townhouses saw the biggest gain, and detached homes were not far behind. Condo sales rose too, but by less. This October 2024 market report suggests that buyers were looking for more space, and that ground-oriented homes were in demand.
Prices tell a quieter story. The average price rose only 1.1%, while the benchmark price fell 3.3%. So even with many more sales, prices stayed fairly calm. The rise in new listings helps explain why. With more homes to choose from, buyers did not have to compete as hard.
Insights and market outlook
TRREB President Jennifer Pearce noted that lower borrowing costs had created a more favourable setting for affordability. That pushed potential buyers to take action. However, TRREB expected inventory to shrink gradually. Housing construction was also lagging behind population growth. Together, these trends pointed to a likely upward pressure on prices by spring 2025.
TRREB also pushed for policies to support affordability, including lower taxes on home buyers. As the Bank of Canada‘s rate cuts continued, the next step was to watch how these trends would shape affordability and access for both new and returning buyers.
Looking back, the October 2024 market report marked a turning point in buyer confidence. It showed how quickly activity can pick up once rates start to ease.
What the October 2024 market report means for buyers and sellers
If you are buying in Mississauga or anywhere in the GTA, reports like this help you read the market. More listings usually mean more choice and more room to negotiate. On the other hand, a fast rise in sales can signal that competition may soon return. So get your pre-approval ready and know your budget before the market tightens.
It also helps to look past the GTA-wide numbers. Each city and neighbourhood moves at its own pace. A Mississauga townhouse market can behave very differently from a downtown Toronto condo market. So ask for local sales data for the exact area and home type you care about.
If you are selling, the strong sales in the October 2024 market report are encouraging. Still, more listings mean more competition for your home. Price it well, prepare it carefully and market it to the right buyers. Also, compare your home with recent sales nearby rather than with the headline average.
To see how the market moved after this report, read my review of the November home sales surge. For a much more recent view, see my August 2026 price update.
Talk to a Mississauga real estate agent
Do you have questions about the GTA market or what these numbers mean for your plans? I am happy to help. Please call me at 416 908 5600 or send me a message. And if this post helped you, you can also leave a Google Review. A. Q. Mufti, Sales Representative, RE/MAX Real Estate Centre Inc., Brokerage.
Disclaimer: this article was published on 16 January 2025 and reflects the information available at that time. Interest rates, prices, and government programs change, so check the current position before acting on anything here. It is provided for information only and is not financial, mortgage, tax or legal advice. A. Q. Mufti is a registered Sales Representative with RE/MAX Real Estate Centre Inc., Brokerage, Ontario, Canada.
