Welcome back to Market Watch! Greater Toronto Area (GTA) home sales increased year-over-year in October 2024. With more buyers 🏡 moving back into the market, largely encouraged by lower borrowing costs and favorable affordability, activity levels have risen. Read more to see how this affects the housing market.
Greater Toronto Area REALTORS® reported 6,658 home sales through TRREB’s MLS® System in October 2024—up by 44.4% compared to 4,611 sales in October 2023. New listings reached 15,328, marking a 4.3% increase year-over-year. The MLS® Home Price Index Composite benchmark dropped by 3.3% compared to last year, while the average selling price rose slightly by 1.1% to $1,135,215.
“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,” said TRREB President Jennifer Pearce.
In summary, market conditions in the GTA tightened in October due to increased buyer activity and a moderate rise in new listings. Buyers are finding greater opportunities with lower mortgage rates 💸 and stable home prices, though the market remains well-supplied.
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Home sales in the Greater Toronto Area (GTA) surged in October 2024 as buyers took advantage of improved affordability due to lower borrowing costs. The number of new listings increased moderately, while the average selling price saw a slight annual increase compared to October 2023.
