Home sales in September 2024 were relatively the same as in August. The average sold price increased by $36,000 from the previous month; however, it was less than a year ago by 1%. With the Bank of Canada lowering the benchmark interest rate in June, July and September, buyers still seek lower property prices. There are 25,612 active listings, significantly higher than September last year.
“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.
It’s an excellent time to purchase real estate.