October 2024 Market Report: GTA Real Estate Trends
The Toronto Regional Real Estate Board (TRREB) recently reported a notable increase in home sales across the Greater Toronto Area (GTA) for October 2024. This growth marks a 44.4% increase in sales from October 2023, reaching a total of 6,658 transactions. The boost in market activity is largely attributed to the recent reductions in interest rates, which encouraged more buyers to enter the market after a period of hesitation.
Key Highlights:
- Sales Increase Across Property Types: All property categories saw increased sales, with townhouses leading at a 56.8% rise, followed by detached homes (46.6%) and semi-detached homes (44%). Condo sales also rose by 33.4%.
- Average Selling Price: The average price saw a modest increase of 1.1% year-over-year, reaching $1,135,215. However, the MLS Home Price Index benchmark dipped by 3.3% compared to October 2023.
- New Listings: The total number of new listings increased by 4.3%, totaling 15,328 in October. This provides ample choice for buyers, which TRREB’s Chief Market Analyst Jason Mercer suggests will help keep prices stable in the short term.
Insights and Market Outlook:
TRREB President Jennifer Pearce noted that lower borrowing costs have created a more favorable environment for affordability, pushing potential buyers to take action. However, with inventory expected to decrease gradually and housing construction lagging behind population growth, there is a likelihood of upward pressure on prices by spring 2025. TRREB has also advocated for policies to support affordability, including reducing taxes on home buyers.
As the Bank of Canada’s rate cuts continue, it will be interesting to see how these dynamics evolve in the coming months and how they impact affordability and accessibility for both new and returning buyers.
For further details, you can visit TRREB’s official market report at https://trreb.ca/wp-content/files/market-stats/market-watch/mw2410.pdf
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