The Greater Toronto Area (GTA) real estate market experienced a major surge in October 2024, with home sales skyrocketing by an impressive 44.4% compared to October 2023. This remarkable increase underscores the ongoing demand in the region, driven largely by favorable mortgage rates and a more accessible market for buyers looking to invest.

Why October Was a Standout Month

According to the latest report from the Toronto Regional Real Estate Board (TRREB), several key factors contributed to this uptick:

• Lower Mortgage Rates: With the Bank of Canada starting to reduce interest rates, affordability has improved. More buyers have moved from the sidelines into the marketplace, creating a dynamic environment with increased transactions.
• Slight Price Increase: The average selling price saw a modest growth of 1.1%, now at $1,135,215. This stability provides reassurance to buyers looking to secure a home before potential price hikes in 2025.

Key Market Highlights

• Sales Volume: Total home sales reached 6,658 in October, a significant jump from last year’s 4,611.
• New Listings: The number of new listings increased by 4.3%, totaling 15,328, adding to buyer options and keeping competition healthy.
• Balanced Market Outlook: TRREB’s Chief Market Analyst, Jason Mercer, noted that the GTA has ample inventory to meet current demand, which should moderate price growth over the next few months. However, with population growth outpacing new home construction, prices are likely to accelerate by spring 2025​.

Performance Across GTA Regions

The October market performance varied across major GTA areas, showcasing strong activity in several regions:

• City of Toronto: Home sales in Toronto Central surged, with an average price of $1,315,547 for detached homes, while condos saw average prices of $721,366.
• Peel Region: Brampton and Mississauga contributed significantly to the sales volume, particularly in the detached home segment, with average prices at $1,462,838 in Mississauga.
• York Region: In Vaughan and Richmond Hill, detached homes also performed well, with Vaughan reporting an average price of $1,778,855, making it one of the most competitive areas in the GTA.
• Durham Region: Areas like Ajax and Pickering recorded solid gains, showing that the demand for affordable housing options is driving buyers to the eastern parts of the GTA.

What This Means for Buyers and Sellers

For homebuyers, this is an opportune moment to enter the market. The availability of inventory provides choice and the chance to capitalize on lower borrowing costs. Sellers, meanwhile, are in a favorable position to meet this demand, but it’s wise to act quickly before market conditions shift further.

Stay Informed!
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