Welcome back to Market Watch! Greater Toronto Area (GTA) home sales increased year-over-

year in September 2024. Buyers were starting to take advantage of more affordable market conditions brought about by interest rate cuts and lower home prices. Read more to see how this affects the housing market.

Greater Toronto Area REALTORS® reported 4,996 home sales through TRREB’s MLS® System in September 2024, an 8.5% increase year-over-year. The MLS® Home Price Index Composite benchmark was down by 4.6% compared to the same period last year, while the average selling price – $1,107,291 – decreased by less than 1%. However, the number of new listings jumped by 10.5% to 18,089.

“The annual improvement in September home sales was more than matched by the increase in new listings over the same period. This resulted in a better-supplied market and increased negotiating power for buyers re-entering the market. The ability to negotiate on price, led to moderate year-over-year price declines particularly in the more affordable condo apartment and townhouse segments, which are popular with first-time buyers,” said TRREB Chief Market Analyst Jason Mercer.

In summary, home sales in the GTA are starting to pick up as buyers make the most of changes to mortgage lending guidelines and rate cuts. Market experts are lauding authorities for introducing affordability measures, which will give home buyers more options as the GTA housing market recovers.

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