MARKET REPORT
OCTOBER 2024
What’s Really Going On in Toronto Real Estate?
The Toronto market is buzzing, and October’s stats are proof that things are picking up! Buyers are getting back in the game, thanks to falling interest rates and better borrowing conditions. Meanwhile, sellers are seeing renewed interest in their properties. Let’s break it all down for you.
The Sales & Listings Rundown
Sales Are Up: October saw 6,658 homes sold across the GTA a massive 44.4% jump compared to last year! Buyers are feeling the relief from lower interest rates, and it’s showing in the numbers But don’t get too excited just yet we’re still not back to the prepandemic frenzy.
More Homes, More Choices: New listings climbed 4.3% year-over-year, giving buyers a bit more breathing room. With 15,328 homes hitting the market, there’s finally some variety to choose from. If you’ve been waiting for “the one,” now’s your time.
Let’s Talk Prices
Detached Homes: The average price in Toronto (416) rose 4 4% to $1 78 million so, yes, detached homes are still a hot ticket in the city. Out in the suburbs, prices softened a bit, making it a solid moment to snag a deal for those craving more space.
Condos: Condos are where it’s at for first-time buyers or anyone looking for a deal. Prices in Toronto edged down to $721,366, with plenty of inventory (8,774 units!) to choose from. It’s a buyer’s market here, and you’ve got the power to negotiate.
What’s Driving the Market?
The short answer: interest rates. The Bank of Canada’s rate cuts this year—including a 50% cut in October —have made mortgages a bit more affordable. Buyers are gaining confidence, and upcoming rule changes (hello, longer amortizations and higher insured mortgage caps!) will only fuel this trend.
Neighborhood Spotlight
Central Toronto: This area is stealing the show! Detached homes are flying off the shelves, with sales up 10%, and semi-detached homes are even hotter, with a 24% jump in sales and a 7% price bump. Buyers need to act fast competition is back!
West Toronto: Semi-detached homes saw a solid 9% rise in sales, but here’s the kicker prices for detached homes dipped. It’s a golden opportunity for buyers to grab a home in this coveted area without breaking the bank. Condos are also shining, with an 11% sales boost
Looking Ahead: What’s Next for 2024?
All signs point to steady growth, not the wild swings we saw during the pandemic. With more rate cuts expected, buyers have the upper hand for now more inventory, better rates, and time to choose wisely Sellers, on the other hand, need to bring their A-game. The competition is heating up, so presentation and pricing are key to standing out.
The Bottom Line: Is Now the Time?
The GTA real estate market is ripe with opportunity, whether you’re looking to buy your first home, upsize, or even sell strategically. Buyers have more choice, better rates, and time to make informed decisions. Sellers are benefiting from increased demand but need to stay sharp in a more competitive landscape.
Not sure how to get started? That’s why we’re here. At The Richards Group, we specialize in making your real estate journey smooth, strategic, and (dare we say?) enjoyable.
Ready to make your move? Give us a shout for a personalized market analysis. Let’s turn your real estate goals into a done deal!
ALL HOME TYPES - GTA NUMBER OF SALES
October’s GTA real estate market shows a sharp rebound, as reflected in the graph's upward trend for 2024 sales. The steady climb from September highlights growing buyer confidence and a return to more active market conditions.
Compared to 2023, this October paints a brighter picture, signaling a shift toward stability and measured optimism The numbers speak to a market balancing opportunity and strategy as the year progresses
