The Greater Toronto Area (GTA) experienced a significant year-over-year increase in home sales in October 2024. While new listings also rose, the annual growth rate for listings was more modest, leading to tighter market conditions compared to October 2023. The average selling price showed a slight annual increase.
“Although the Bank of Canada’s rate-cutting cycle is still in its early stages, it’s evident that more buyers returned to the market in October. Lower borrowing costs and relatively stable home prices created a more favorable affordability environment, driving this uptick in market activity,” said TRREB President Jennifer Pearce.
GTA REALTORS® reported 6,658 home sales through TRREB’s MLS® System in October 2024, a 44.4% increase from the 4,611 sales recorded in October 2023. New listings amounted to 15,328, reflecting a 4.3% year-over-year increase. On a seasonally adjusted basis, October sales rose compared to September.
The MLS® Home Price Index Composite benchmark declined by 3.3% year-over-year in October 2024, while the average selling price increased by 1.1%, reaching $1,135,215. Seasonally adjusted, the average price edged higher compared to September.
“Market conditions tightened in October, but there remains ample inventory, offering buyers a variety of options. This will likely keep home price growth moderate in the coming months. However, as inventory levels decline and new home construction lags behind population growth, price growth is expected to accelerate by spring 2025,” said TRREB Chief Market Analyst Jason Mercer.
TRREB CEO John DiMichele called on policymakers to further improve housing affordability, commending the Conservative Party of Canada’s proposal to eliminate GST on new homes under $1 million. “This measure offers critical relief for new home buyers. Expanding the rebate and introducing a gradual phase-out between $1 million and $1.5 million, instead of a hard cutoff, would better reflect the realities of markets like the GTA and Vancouver, where average home prices exceed $1 million,” he added. DiMichele also urged provincial governments to consider complementary measures.
Source: TREBB
