The Greater Toronto Area (GTA) real estate market saw robust growth in October 2024, with home sales showing a strong annual increase. According to the latest Market Watch report from the Toronto Regional Real Estate Board (TRREB), GTA home sales in October reached 6,658—up by an impressive 44.4% compared to the same month last year, when sales were recorded at 4,611. New listings also rose, though at a slower rate, with a 4.3% year-over-year increase, totaling 15,328. These dynamics resulted in tighter market conditions compared to October 2023, reflecting both renewed buyer interest and limited inventory growth.
TRREB President Jennifer Pearce noted, "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. 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’s recent rate cuts have clearly had an impact, helping to improve buyer affordability and entice more individuals into the market. With borrowing costs dropping and home prices holding steady, many prospective buyers took advantage of this favorable environment to secure a home. These rate cuts, if sustained or expanded, may continue to fuel buyer activity through the end of the year and into 2025.
In terms of pricing, the MLS® Home Price Index Composite benchmark showed a slight decrease of 3.3% year-over-year in October 2024, reflecting a more balanced market. However, the average selling price experienced a modest rise, up 1.1% from October 2023 to $1,135,215, with seasonally adjusted prices also trending upward compared to September. This slight price appreciation, even amid higher sales volume, speaks to the GTA’s underlying demand for housing, especially as many buyers seek to secure homes before potential further shifts in the market.
For potential buyers and investors, these trends indicate a period of heightened opportunity in the Toronto real estate market. With more properties entering the market and competitive mortgage rates, this is an opportune time to explore buying options or consider real estate investments.
At Lendworth, we closely monitor these shifts and align our lending services to help clients navigate the current landscape. With quick and flexible mortgage solutions, we’re here to support your real estate goals in Toronto and the surrounding areas. Whether you’re buying your first home, refinancing, or investing, our team is ready to assist you every step of the way.
Contact us today to discuss how we can help you take advantage of today’s market opportunities.
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