The latest data from the Toronto Regional Real Estate Board (TRREB) shows some key trends for homebuyers, sellers, and investors in the Greater Toronto Area (GTA). Here’s a quick look at the numbers and what they mean for you.

Home Sales Are Up!

GTA REALTORS® reported 4,996 home sales in September 2024, which is an 8.5% increase from September 2023. This rise suggests that more people are looking to buy, thanks to improved market conditions and lower borrowing costs.

More Homes on the Market

• New Listings: The number of new listings reached 18,089 in September 2024, up 10.5% compared to last year.
• Active Listings: Active listings jumped 35.5% year-over-year, giving buyers more options to choose from.

This increase in inventory is creating a more balanced market, giving buyers more choice and room to negotiate better deals.

What’s Happening with Home Prices?

• Average Selling Price: The average price for homes in the GTA was $1,107,291 in September 2024, down by 1% compared to the same time last year.
• Home Price Index (HPI) Composite Benchmark: The HPI, which tracks the price of a typical home, fell by 4.6% year-over-year. This decline is seen mostly in condo apartments and townhouses, making these segments more affordable for first-time buyers.

The Impact of Interest Rates

Recent interest rate cuts and changes to mortgage lending guidelines are making it easier for buyers to qualify for a mortgage. Existing homeowners can also shop around for better rates without facing the stress test, making mortgage renewals more affordable.

Market Outlook: What’s Next?

With higher inventory and lower borrowing costs, the market is more balanced right now. But as interest rates continue to drop, demand may start to pick up again in 2025, making it a great time for buyers to take advantage of the current conditions.

Key Takeaways for Buyers, Sellers, and Investors

• For Buyers: With more listings and lower borrowing costs, now is a good time to find your dream home.
• For Sellers: There’s still demand for well-priced properties. Setting the right price and being open to negotiations will help attract serious buyers.
• For Investors: With stable inventory and slight price declines, this could be a good time to invest before interest rates potentially drive up demand again.

The GTA real estate market is showing signs of recovery as interest rates drop and inventory levels rise, creating a unique window of opportunity for buyers and investors. For sellers, staying competitive in this environment will require thoughtful pricing and strong market strategies to attract the right offers.

In short, whether you are buying, selling, or investing, the current GTA real estate market offers opportunities – but staying informed and strategic will be key to making the most of them.

Stay Tuned: We’ll keep you updated on the latest market trends and how they could affect your next real estate move.