As we transition into October, the real estate market in the Greater Toronto Area (GTA) is showing signs of steady growth, driven by more favorable borrowing conditions. Here’s an in-depth look at the key trends and statistics for September 2024, comparing them to the same period last year.
Home Sales and Market Activity
GTA REALTORS® reported 4,996 home sales through the TRREB MLS® System in September 2024, reflecting an 8.5% increase compared to 4,606 sales in September 2023. This boost in sales is largely driven by buyers taking advantage of lower interest rates and revised mortgage lending guidelines. Additionally, new listings rose by 10.5%, totaling 18,089, compared to 16,377 in September 2023.
On a seasonally adjusted basis, both sales and new listings saw improvements over August 2024, further indicating positive market momentum.
Average Selling Price
The average selling price for September 2024 was $1,107,291, representing a 1% decrease compared to the average price of $1,118,215 in September 2023. While prices have seen a slight decline, they edged up slightly on a month-over-month basis from August 2024. This suggests a modest stabilization, with opportunities for both buyers and sellers.
Price and Sales by Property Type
Here’s a breakdown of average prices and sales for different property types in September 2024:
Detached Homes: Average price of $1,333,394 with 1,755 sales
Semi-Detached Homes: Average price of $1,090,749 with 682 sales
Townhouses: Average price of $904,200 with 1,755 sales
Condo Apartments: Average price of $707,917 with 2,354 sales
Notably, the detached home segment saw a slight price decrease year-over-year, but townhouses and condo apartments, which remain popular with first-time buyers, offered more affordable entry points into the market.
What This Means for Buyers and Sellers
The combination of lower borrowing costs and increased inventory means more favorable conditions for buyers, who now have greater flexibility and negotiating power. With an expanding selection of homes, first-time buyers and those looking to upsize are well-positioned to secure deals that suit their needs.
For sellers, the market remains competitive, but strategic pricing will be key in attracting offers as buyers gain more leverage.
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Whether you're buying or selling, understanding how these trends impact your goals is crucial. Our team is here to help you navigate the evolving market with confidence.
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Conclusion
The September 2024 market data indicates a favorable landscape for buyers, with increased sales and new listings creating opportunities. Staying informed on these trends will ensure that you can make strategic decisions, whether you're looking to buy or sell your home. As always, our team is ready to assist you every step of the way.
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