Toronto, Ontario, October 3, 2024 – The Greater Toronto Area (GTA) housing market saw a solid year-over-year improvement in September, signaling the beginning of a more favorable landscape for homebuyers. With interest rates easing and prices moderating, buyers are starting to take advantage of more accessible market conditions.
“As borrowing costs decline and mortgage guidelines become more accommodating, we’re seeing a steady rise in home sales across the GTA,” said Jennifer Pearce, President of the Toronto Regional Real Estate Board (TRREB). “With every interest rate cut, more households—particularly first-time buyers—can step into homeownership and make a long-term investment in their future.”
According to TRREB’s MLS® System, there were 4,996 home sales in September 2024, marking an 8.5% increase compared to the 4,606 sales in September 2023. New listings surged by 10.5%, with 18,089 properties entering the market. On a seasonally adjusted basis, both sales and listings saw month-over-month growth from August.
The average selling price in the GTA for September 2024 was $1,107,291, reflecting a slight 1% decline from the previous year. However, on a seasonally adjusted basis, prices edged upwards from August, signaling a potential stabilization in home values. The MLS® Home Price Index Composite benchmark also showed a 4.6% drop year-over-year, particularly impacting the more affordable condo and townhouse segments, which remain attractive to first-time buyers.
Jason Mercer, TRREB’s Chief Market Analyst, noted, “The increase in new listings has resulted in a more balanced market, giving buyers greater negotiating power. This is especially evident in the condo and townhouse markets, where price moderation is providing first-time buyers with better opportunities.”
The recent updates to mortgage lending guidelines are also expected to boost affordability and market activity. “We are optimistic about the changes allowing mortgage holders to explore better rates without facing the stress test, as well as extended amortization periods and the ability to insure mortgages over $1 million. These improvements will provide more flexibility for buyers as the GTA housing market continues its recovery,” added John DiMichele, TRREB CEO.