GTA home sales in 2024 increased compared to last year. Buyers are beginning to benefit from lower home prices and recent interest rate cuts.
With the new mortgage lending rules and lower borrowing costs, more people are buying homes.
As interest rates decrease, more GTA families can invest in homeownership. It includes those buying for the first time,” said Jennifer Pearce, President of the Toronto Regional Real Estate Board (TRREB).
What Happened in September?
In September 2024, GTA REALTORS® reported 4,996 home sales through TRREB’s MLS® System, which is an 8.5% increase from 4,606 sales in September 2023.
Realtors added 18,089 new listings, marking a 10.5% increase compared to the previous year. When compared to August, both home sales and new listings went up.
The MLS® Home Price Index Composite benchmark dropped by 4.6% compared to last year. The average selling price was $1,107,291, down just 1% from $1,118,215 in September 2023.
However, when looking at month-to-month changes, the average GTA sales figures for September 2024 saw a slight increase from August.
In September, new listings increased more than home sales. This created a more balanced market, giving buyers more power to negotiate.
As per the Greater Toronto Area market report, buyers can negotiate prices. This led to moderate declines in home prices. The drop was especially notable for affordable condo apartments and townhouses.
“First-time buyers prefer these types of homes,” said Jason Mercer, Chief Market Analyst at TRREB.
Toronto Housing Demand 2024: Overview
Want to know the September 2024 housing market? Look at the brief overview to know simply.
Existing mortgage holders can now shop around for the best rates without facing the stress test. It will lead to more affordable renewals.
Longer amortization periods and the option to insure mortgages for purchases over $1 million.
Also, it will provide home buyers with more choices. These changes will help as the GTA housing market recovers. Apart from that, Toronto real estate trends show rising home sales, with strong demand.
TRREB has been supporting these adjustments to give buyers more flexibility in their home-buying journey,” said TRREB CEO John DiMichele.
What’s Next for the GTA Market?
The September GTA property sales surge has set the stage for an interesting fall market. If interest rates remain stable and demand continues, we may see steady sales through the end of the year.
However, there are a few factors to keep updated:
- Interest Rates: While they’ve stabilized for now, any significant changes in interest rates could impact buyer activity. Higher rates might push some buyers out of the market, while lower rates could boost demand even further.
- Inventory: The number of homes for sale will be crucial. If listings continue to rise, buyers will have more options, which could help keep prices in check. If real estate inventory levels in Toronto remain limited, prices might start climbing again.
- Economic Factors: The broader economy will play a role in the market’s direction. If there are changes in employment rates, inflation, or government policies, the real estate market could be affected.
Final Thought
GTA home sales in 2024 surged in September, signaling renewed energy in the real estate market.
Stabilizing interest rates, pent-up demand, and increased listings all contributed to the rise in sales.
Both buyers and sellers benefited from the active market, though it’s important to stay aware of potential changes in the coming months.
For now, the GTA real estate market is looking healthy, providing opportunities for those looking to buy or sell.
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