GTA Real Estate Market October 2024
GTA Real Estate Market October 2024 Summary as per TRREB Reports
As per TRREB’s October 2024 Market Watch, the Greater Toronto Area (GTA) real estate market experienced significant activity, marked by a notable increase in home sales and a modest rise in average selling prices. This surge is largely attributed to the Bank of Canada’s recent interest rate cuts, which have enhanced affordability and encouraged buyers to re-enter the market.
Key Highlights:
- Sales Surge: There were 6,658 home sales in October 2024, a 44.4% increase compared to the 4,611 sales in October 2023.
- New Listings: There were 15,328 new listings in October 2024, up by 4.3% year-over-year. Despite this increase, the surge in sales outpaced new listings, leading to tighter market conditions.
- Average Selling Price: The average selling price rose by 1.1% year-over-year to $1,135,215. On a seasonally adjusted basis, the average selling price edged up compared to September.
Market Dynamics:
The Bank of Canada’s recent rate cuts have played a pivotal role in revitalizing the housing market. Lower borrowing costs have improved affordability, prompting many buyers to move off the sidelines and back into the marketplace. TRREB has noted that 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.
Despite the uptick in sales, the market remains balanced with ample inventory, providing buyers with a variety of options. According to TRREB, while market conditions tightened in October, but there is still a lot of inventory and therefore choice for home buyers. This choice will keep home price growth moderate over the next few months.
Policy Considerations:
TRREB has expressed support for policy measures aimed at improving housing affordability. The Conservative Party of Canada’s pledge to remove the GST from the purchase of new homes sold for under $1 million is seen as a positive step toward providing relief to new home buyers. TRREB has emphasized the importance of such measures, stating, “Enhancing the rebate will not only make homes more affordable, but it will also increase the number of homes built.”
Looking Ahead:
As we move into the latter part of 2024, the GTA real estate market is expected to maintain its momentum. The combination of lower interest rates and supportive policy measures is likely to sustain buyer interest and activity. However, as inventory is absorbed and home construction continues to lag behind population growth, selling price growth may accelerate, potentially as we move through the spring of 2025.
Team Kalia’s Perspective:
At Team Kalia, we are closely monitoring these developments to provide our clients with informed guidance. Whether you’re considering buying or selling, understanding the current market dynamics is crucial. Our extensive experience in the GTA real estate market enables us to offer personalized advice tailored to your unique needs.
If you have any questions or would like to discuss your real estate goals, please don’t hesitate to contact us. We’re here to help you navigate the evolving market landscape to buy and sell your GTA property.
If you are a First time buyer, read more about who qualifies as a First time home buyer in Canada.
Contact Team Kalia Today to set up your First time Home Buyer Consultation Session or a Free Home Evaluation to Sell Your Property!
GTA Real Estate Market October 2024 Stats
| Average Home Prices by City October 2024 | ||||
| Detached | Semi Detached | Condo Townhouse | Condo Apartment | |
| Burlington | $1,339K | $971K | $798K | $662K |
| Milton | $1,288K | $1,004K | $690K | $632K |
| Oakville | $1,957K | $1,055K | $808K | $805K |
| Brampton | $1,183K | $883K | $660K | $534K |
| Mississauga | $1,610K | $1,008K | $792K | $588K |
| City of Toronto | $1,778K | $1,315K | $853K | $721K |
GTA Monthly Home Sale Stats as per TRREB Reports
| Avg. Home Price | Home Sales | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 2022 | 2023 | 2024 | 2021 | 2022 | 2023 | 2024 | ||||||||
| Jan | $966K | $1,242K | $1,036K | $1,025K (Bottom) | 6,887 | 5,593 | 3,083 | 4,187 | |||||||
| Feb | $1,044K | $1,334K (Peak) | $1,096K | $1,110K | 10,925 | 9,028 | 4,754 | 5,579 | |||||||
| Mar | $1,097K | $1,298K | $1,108K | $1,121K | 15,627 | 10,864 | 6,876 | 6,554 | |||||||
| Apr | $1,090K | $1,250K | $1,153K | $1,156K | 13,613 | 7,941 | 7,487 | 7,114 | |||||||
| May | $1,108K | $1,210K | $1,195K | $1,165K | 11,902 | 7,229 | 8,997 | 7,013 | |||||||
| Jun | $1,089K | $1,145K | $1,182K | $1,162K | 11,052 | 6,424 | 7,481 | 6,213 | |||||||
| Jul | $1,061K | $1,073K | $1,118K | $1,106K | 9,338 | 4,871 | 5,250 | 5,391 | |||||||
| Aug | $1,070K | $1,079K | $1,082K | $1,074K | 8,550 | 5,591 | 5,281 | 4,967 | |||||||
| Sep | $1,135K | $1,086K | $1,119K | $1,107K | 9,010 | 5,008 | 4,642 | 4,996 | |||||||
| Oct | $1,155K | $1,087K | $1,125K | $1,135K | 9,743 | 4,930 | 4,646 | 6,658 | |||||||
| Nov | $1,162K | $1,079K | $1,082K | $1,106K | 8,979 | 4,534 | 4,236 | 5,875 | |||||||
| Dec | $1,157K | $1,051K | $1,084K | $1,067K | 6,013 | 3,117 | 3,444 | 3,359 | |||||||
| Annual | $1,095K | $1,190K | $1,126K | $1,117K | 121,639 | 75,047 | 65,936 | 67,610 | |||||||
Year-Over-Year Summary (September Comparison)
| GTA | 2024 | 2023 | %age change |
|---|---|---|---|
| Sales (All Home Types) | 6,658 | 4,611 | 44.4% |
| New Listings | 15,328 | 14,700 | 4.3% |
| Active Listings | 24,481 | 19,536 | 25.3% |
| Average Price | $1,135,215 | $1,123,390 | 1.1% |
| Average LDOM | 27 | 21 | 28.6% |
| Average PDOM | 43 | 33 | 30.3% |
Average Listing Days on Market (Avg. LDOM) refers to the average number of days sold listings were on the market. Average Property Days on Market (Avg. PDOM) refers to the average number of days a property was on the market before selling, irrespective of whether the property was listed more than once by the same combination of seller and brokerage during the original listing contract period.
| 5 Year GTA Sales & Avg Price Chart | ||
|---|---|---|
| Year | Sales | Avg Price |
| 2019 | 87,747 | $819,153 |
| 2020 | 95,066 | $929,636 |
| 2021 | 121,712 | $1,095,475 |
| 2022 | 75,047 | $1,190,749 |
| 2023 | 65,936 | $1,126,591 |
| 2024 (YTD) | 58,435 | $1,121,871 |
