MARKET REPORT
SEPTEMBER 2024
What’s Really Going On in the GTA:
The Toronto market is coming back to life, and September’s numbers show it! We’re talking a solid 8 5% increase in sales compared to last year Buyers are starting to take advantage of the lower interest rates, and we’re here to break it all down for you.
Sales & Listings: The Big Picture
Sales Are Up: September saw nearly 5,000 homes sold, a clear sign that buyers are feeling the relief from recent rate cuts While sales are growing, they’re still not back to prepandemic levels, so there’s room for improvement.
More Homes to Choose From: With new listings up 10.5% from last year, buyers finally have more options! If you’ve been feeling the pressure to make a quick decision, now’s your chance to take your time and find the one.
Prices: What’s Happening on the Ground
Detached Homes: The average price for a detached home in Toronto hit $1.68 million, while in the suburbs (905), they’re around $1.33 million. Prices have dipped slightly, but demand remains strong for buyers looking for more space.
Condo Market: If you’re in the market for a condo, great news! Prices are down 4% compared to last year, and with almost 9,000 condos available, there’s plenty of room to negotiate. It’s a buyer’s market for condos right now, especially for first-time buyers!
What’s Fueling These Changes?
Let’s talk interest rates. The Bank of Canada has cut rates three times this year, and just recently delivered a jumbo 50-basis-point cut. This aggressive move brought inflation back to target levels and is making homeownership more accessible. Lower borrowing costs mean more financial flexibility for buyers, and that’s great news for anyone looking to enter the market.
And there’s more on the horizon new mortgage rules taking effect in December will let first-time buyers stretch payments over 30 years and increase the insured mortgage cap to $1.5 million. This is a game-changer for buyers in a city where prices are usually sky-high
What to Expect for the Rest of 2024
With even more rate cuts expected before the end of the year, the market should continue its steady recovery. But don’t expect the wild swings we saw during the pandemic boom this rebound will be more gradual The good news? Buyers still have the upper hand, with more inventory on the market and lower rates giving them more control.
For sellers, this means it’s time to get strategic. The competition is heating up, and you’ll need to stand out to attract those buyers ready to make a move.
Bottom Line: Should You Jump In?
The Toronto real estate market is shifting, and whether you’re buying or selling, it’s all about making smart, well-timed decisions. With more inventory and lower rates, it’s an exciting time to get involved. Not sure where to start? That’s where we come in! The Richards Group is here to help you navigate this evolving market with confidence
Ready to make a move? Contact us for a personalized market analysis tailored to your needs, whether buying or selling.
The Richards Group
ALL HOME TYPES - GTA NUMBER OF SALES
September’s sales numbers tell a story of strategy and patience in the GTA market. With nearly 5,000 homes sold, buyers are not rushing in but instead taking advantage of the increased inventory and favorable interest rates. The gradual recovery in sales shows that the market isn’t in a frenzy buyers are thinking more carefully, exploring their options, and making well-timed decisions
