Skip to main content

GTA REALTORS® Release October 2024 Stats

Greater Toronto Area (GTA) home sales increased strongly year-over year in October 2024. Over the same period, new listings were up, but by a lesser annual rate. The result was tighter market conditions compared to October 2023. The average selling price was up slightly on an annual basis.

“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 Toronto Regional Real Estate Board (TRREB) President Jennifer Pearce.

GTA REALTORS® reported 6,658 home sales through TRREB’s MLS® System in October 2024 – up by 44.4 per cent compared to 4,611 sales reported in October 2023. New listings entered into the MLS® System amounted to 15,328 – up by 4.3 per cent year-over-year. On a seasonally adjusted basis, October sales increased month-over month compared to September. The MLS® Home Price Index Composite benchmark was down by 3.3 per cent year-over year in October 2024. The average selling price was up by 1.1 per cent compared to October 2023 to $1,135,215. On a seasonally adjusted basis, the average selling price edged up compared to September.

“Market conditions did tighten in October, but there is still a lot of inventory and therefore choice for home buyers. This choice will keep home price growth moderate over the next few months. However, as inventory is absorbed and home construction continues to lag population growth, selling price growth will accelerate, likely as we move through the spring of 2025,” said TRREB Chief Market Analyst Jason Mercer.

“Policymakers can further improve affordability by reducing taxes on home buyers. TRREB supports the Conservative Party of Canada pledge to remove the GST from the purchase of new homes sold for under $1 million as this is an encouraging step towards giving new home buyers desperately needed relief. Enhancing the rebate will not only make homes more affordable, but it will also increase the number of homes built,” said TRREB CEO John DiMichele.

“Given that the average price of a home in less affordable markets such as the GTA and Vancouver is over $1 million, phasing out the rebate between $1 million and $1.5 million, rather than a hard cutoff at $1 million, would address this shortcoming. Provincial consideration should also be given to matching this proposal,” continued DiMichele.

Comments

Post a Comment

Popular posts from this blog

Holiday Travel Tips for Your Home

The festive holidays are approaching, and calendars are already filling up. Whether you’re staying with family around the country or taking an extended leave to escape the winter, you may be planning to leave your home vacant for more than a day or two. To ward against coming home to the wrong kind of holiday surprise, here’s what to do before you depart. Cheap Wi-Fi cameras Security equipment might sound high-tech and expensive, but securing your home against potential intrusion doesn’t cost much. For around $30, you should be able to outfit your home with WIFI cameras which are home assistant compatible. Shut the main water off Remember to shut off the main water supply if you plan to be away from your home for more than a day. In the event of a plumbing failure, your home could fall prey to serious water damage. Install smart water sensors in your basement Installing a smart water sensor in your basement can easily save a lot of money and worry. Some models will alert you to leaks a...
Post a Comment
Read more

New Listing - 32 Cambridge Avenue

***Perfect Playter Estates Semi In Prime Jackman School District*** Bright & Spacious 3 Bedroom Semi, Open Concept, Updated, Hardwood Floors Thru-out & Bonus In Law Suite In Basement. Very Rare 2 Car Parking, Steps To Subway & Danforth.
Post a Comment
Read more

GTA REALTORS Release March 2025 Stats

Homeownership in the Greater Toronto Area (GTA) became more affordable in March 2025 compared to the previous year. On average, both borrowing costs and home prices have declined over the past year, making monthly payments more manageable for households looking to buy a home. “Homeownership has become more affordable over the past 12 months, and we expect further rate cuts this spring. Buyers will also benefit from increased choice, giving them greater negotiating power. Once consumers feel confident in the economy and their job security, home buying activity should improve,” said Toronto Regional Real Estate Board (TRREB) President Elechia Barry-Sproule. “Given the current trade uncertainty and the upcoming federal election, many households are likely taking a wait-and-see approach to home buying. If trade issues are solved or public policy choices help mitigate the impact of tariffs, home sales will likely increase. Home buyers need to feel their employment situation is solid before ...
Post a Comment
Read more