Market Update
GTA REALTORS RELEASE
SEPTEMBER STATS
TORONTO, ONTARIO, October 3, 2024 – Greater Toronto Area (GTA) home sales increased year-over-year in September. Buyers were starting to take advantage of more affordable market conditions brought about by interest rate cuts and lower home prices. “As buyers take advantage of changes to mortgage lending guidelines and borrowing costs trend lower, home sales will steadily increase in relation to population growth. With every rate cut, a growing number of GTA households will afford a longterm investment in home ownership, including first-time buyers,” said Toronto Regional Real Estate Board (TRREB) President Jennifer Pearce.
GTA REALTORS® reported 4,996 home sales through TRREB’s MLS® System in September 2024 – up by 8.5 per cent compared to 4,606 sales reported in September 2023. New listings entered into the MLS® System amounted to 18,089 – up by an even greater 10.5 per cent year-over-year. On a seasonally adjusted basis, September sales increased on a monthly basis compared to August, along with new listings.
The MLS® Home Price Index Composite benchmark was down by 4.6 per cent year-overyear in September 2024. The average selling price, at $1,107,291 was down by a lesser one per cent compared to the September 2023 average of $1,118,215. On a seasonally adjusted basis, the average selling price edged up slightly compared to August.
“The annual improvement in September home sales was more than matched by the increase in new listings over the same period. This resulted in a better-supplied market and increased negotiating power for buyers re-entering the market. The ability to negotiate on price, led to moderate year-over-year price declines, particularly in the more affordable condo apartment and townhouse segments, which are popular with first time buyers,” said TRREB Chief Market Analyst Jason Mercer.
“We are pleased with the positive changes to mortgage lending guidelines announced over the past month. The ability for existing mortgage holders to shop around for the best rate without facing the stress test will result in more affordable renewals. Longer amortization periods and the ability to insure mortgages for purchases over $1 million dollars will give home buyers more options as the GTA housing market recovers. TRREB has long been calling for these changes to give buyers more flexibility as they navigate their home buying journey,” said TRREB CEO John DiMichele.
Source: TRREB Market Watch
GTA MARKET UPDATE
Year-Over-Year Summary September 2024
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MILTON MARKET UPDATE
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DURHAM MARKET UPDATE
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TESTIMONIALS
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We are immensely grateful for the exceptional service provided by The TB Realty Group during the sale of our home. Moving to the US and using a relocation company was a daunting task, but Lindsay and Theresa made the process seamless and stress-free. Upon requesting a market analysis for our semidetached home, Theresa and Lindsay discussed various options with us and gave their expert recommendation for listing our property in the current market. They identified the potential for a higher sale price through a complete home staging effort. Although we knew our home needed some updating, we didn’t know where to start. They recommended changes such as updating the lighting fixtures, replacing bathroom countertops, professional carpet cleaning, and new paint throughout the entire house.
We decided to move our possessions out, as we would need to do it eventually once the house was sold anyway. This helped us to get organized with decluttering and Lindsay and Theresa to fully stage the property. The contractor they referred completed the work quickly and efficiently, providing significant improvements in a short time frame, allowing us to hit the market as soon as possible. The transformation was stunning! With a fresh new style and professional photography, our home looked fantastic both in person and online, attracting numerous prospective buyers.
Thanks to their expertise, it didn’t take long to find the perfect buyer. Throughout the entire process Lindsay and Theresa had our best interests at heart, they were easy to communicate with, and extremely knowledgeable and experienced regarding all the details that went into getting our home sold for the best price in a timeline that worked for us. We have since moved out of the country but have chosen to work with them again for the purchase of an investment property. We will continue to recommend The TB Realty Group to all our friends and family. For anyone looking to sell their home, we highly recommend their outstanding services. Thank you, Theresa and Lindsay, for making our home-selling experience so successful and effortless!
- Pavani and Vikram
"Autumn shows us how beautiful it is to let things go."
