Real Estate Market Update - September 2024

The real estate market in the Greater Toronto Area is finally showing signs of rebounding. After months of declining sales activity and stagnant prices, September saw an increase in average prices and number of sales across most GTA markets. The most notable changes are in the City of Toronto, where average days on market have even decreased by 10.6%.

These positive changes are due to more buyers taking advantage of the current market conditions. With the recent interest rate cuts and lower average prices compared to earlier this year, buyers are seeing clear advantages of getting into the market now. Not only are sales up month-over-month, but sales are also up 8.5% compared to last year. However, new listings continue to stay elevated, up 10.5% year-over-year. 

The high levels of inventory across the GTA is the reason why prices haven't jumped in recent months. Depending on home type and location, prices have remained mostly stable or have increased slightly in some cases. On average, prices are down only 1% compared to last year.

With every future rate cut, a growing number of people will be able to afford home ownership. As a result, demand is expected to rise in the near future which will put more upwards pressure on pricing. Reach out to me to learn how these recent changes affect your situation.

To see how prices have been affected in your area, please click the link below to get access to TRREB's September Market Statistics for all areas in the GTA. The stats are broken down by average sales price, number of homes sold, number of new listings, and average days on market for each property type; detached, semi-detached, townhouses, and condos.

https://trreb.ca/wp-content/files/market-stats/market-watch/mw2409.pdf

If you want to know more about what is happening in your specific area, you can book a call with me by clicking the link below.

https://calendly.com/davidrizzuto/consultation-call?month=2024-10