Greater Toronto Area (GTA) home sales increased strongly in October.
“While we are still early in the Bank of Canada’s rate-cutting cycle, it does appear that an increasing number of buyers moved off the sidelines and back into the marketplace in October. The positive affordability picture brought about by lower borrowing costs and relatively flat home prices prompted this improvement in market activity,” said Toronto Regional Real Estate Board (TRREB) President Jennifer Pearce.
GTA REALTORS® reported 6,658 home sales through TRREB’s MLS® System in October 2024 – up by 44.4 percent compared to 4,611 sales reported in October 2023. New listings entered into the MLS® System amounted to 15,328 – up 4.3 percent year-over-year. October sales increased month-over-month compared to September. The MLS® Home Price Index Composite benchmark was down by 3.3 percent year-over-year in October 2024. The average selling price was up 1.1 percent compared to October 2023 to $1,135,215. On a seasonally adjusted basis, the average selling price increased compared to September.
“Market conditions did tighten in October, but there is still a lot of inventory and, therefore, choices for home buyers. This choice will keep home price growth moderate over the next few months. However, as inventory is absorbed and home construction continues to lag population growth, selling price growth will accelerate, likely as we move through the spring of 2025,” said TRREB Chief Market Analyst Jason Mercer.
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