Greater Toronto Area (GTA) home sales increased by 8.5% year-over-year in September 2024, with 4,996 homes sold compared to 4,606 in September 2023. New listings rose by 10.5% to 18,089. Buyers are taking advantage of lower borrowing costs, driven by interest rate cuts and changes to mortgage lending guidelines.
Despite a 4.6% year-over-year decrease in the MLS® Home Price Index Composite benchmark, the average selling price of $1,107,291 only declined by 1% compared to September 2023. Seasonal trends showed slight price increases and higher sales compared to August 2024.
TRREB President Jennifer Pearce and Chief Market Analyst Jason Mercer attribute these gains to better affordability and increased supply, particularly in more affordable segments like condos and townhouses. CEO John DiMichele emphasized the positive impact of mortgage guideline changes, offering more options and flexibility to GTA homebuyers as the market stabilizes.
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