The Market Is Heating Up! | Real Estate Market Update | October 2024

by David Rizzuto

Home sales in the Greater Toronto Area dramatically increased this October, following a smaller increase the month prior. All market areas experienced an increase in home sales compared to September and compared to the same time last year. The most notable changes are in Toronto, York Region, and Durham Region - each reporting increases over 30% compared to September. Sales in the entire GTA saw a steep 44.4% increase compared to last year. Overall, these changes are contributing to recent tighter market conditions.

It is clear that more buyers have decided to enter the market. With declining interest rates and relatively stable selling prices, buyers see the advantage of purchasing now. Housing affordability is growing for some buyers as the Bank of Canada continues to lower interest rates. However, prices are slowly starting to inch higher in some neighbourhoods. On a year-over-year basis, prices are up 1.1% on average in the GTA. Toronto and York Region saw decent price growth of 4.7% and 3.7% compared to last month.

The number of new listings continues to grow, with a 4.3% increase recorded year over year. The GTA's heightened inventory, especially in the condo market, will keep price growth moderate in the coming months. Buyers still have a lot of choice, depending on the neighbourhood. However, with freehold homes, specifically detached in the 905, inventory is being absorbed quicker. Average days on market are coming down and selling prices are rising in this segment of the market. By spring 2025, it is expected that price growth will accelerate as more inventory is absorbed with the increasing buyer demand.

Whether you are buying, selling, or investing, reach out to me to see how you can benefit from this changing market.

To see how prices have been affected in your area, please click the link below to get access to TRREB's October 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/mw2410.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=2024-11

The Market Is Heating Up! | Real Estate Market Update | October 2024

by David Rizzuto

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