GTA Housing Market Sees 44% Sales Surge in October Amidst Stable Prices and Increased Listings

The Greater Toronto Area (GTA) housing market experienced significant activity in October 2024, marked by a notable increase in sales and a steady rise in new listings. According to the Toronto Regional Real Estate Board (TRREB), REALTORS® reported 6,658 home sales through TRREB’s MLS® System in October 2024, representing a 44.4% increase compared to the 4,611 sales reported in October 2023.

New listings entered into the MLS® System amounted to 15,328, up by 4.3% year-over-year. This influx of new listings has contributed to a balanced market, with a sales-to-new-listings ratio of 43%, indicating neither a buyer's nor a seller's market.

The average selling price for all home types combined was $1,135,215, a slight increase from the previous year. Detached homes averaged $1,462,838, up 0.9% annually, while condo apartments averaged $694,038, a 2.1% decrease from the previous year.

TRREB President Jennifer Pearce noted, "While we are still early in the Bank of Canada's rate-cutting cycle, it definitely does appear that an increasing number of buyers moved off the sidelines and back into the marketplace in October."

The federal government's recent easing of mortgage rules, including the introduction of 30-year amortizations for first-time buyers and lower down payment requirements for homes priced up to $1.5 million, is expected to further stimulate buyer interest. These measures aim to improve affordability and accessibility in the housing market.

In summary, the GTA housing market in October 2024 is characterized by increased buyer activity, a well-supplied inventory, and stable pricing. Ongoing interest rate cuts and supportive government policies are likely to sustain this momentum, offering opportunities for both buyers and sellers in the coming months.

For more detailed statistics and insights, refer to the Toronto Regional Real Estate Board's Market Watch reports.