11/04/2024
TREB September 2024
GTA Market REPORT
Greater Toronto Area (GTA) home sales increased year-over-year in September. Buyers were starting to take advantage of more affordable market conditions brought about by interest rate cuts and lower home prices.
âAs buyers take advantage of changes to mortgage lending guidelines and borrowing costs trend lower, home sales will steadily increase in relation to population growth. With every rate cut, a growing number of GTA households will afford a long-term investment in home ownership, including first-time buyers,â said Toronto Regional Real Estate Board (TRREB) President Jennifer Pearce.
GTA REALTORSÂŽ reported 4,996 home sales through TRREBâs MLSÂŽ System in September 2024 â up by 8.5 per cent compared to 4,606 sales reported in September 2023. New listings entered into the MLSÂŽ System amounted to 18,089 â up by an even greater 10.5 per cent year-over-year. On a seasonally adjusted basis, September sales increased on a monthly basis compared to August, along with new listings.
Greater Toronto Area (GTA) home sales increased year-over-year in September. Buyers were starting to take advantage of more affordable market conditions brought about by interest rate cuts and lower home prices.
âAs buyers take advantage of changes to mortgage lending guidelines and borrowing costs trend lower, home sales will steadily increase in relation to population growth. With every rate cut, a growing number of GTA households will afford a long-term investment in home ownership, including first-time buyers,â said Toronto Regional Real Estate Board (TRREB) President Jennifer Pearce.
âThe 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,â said TRREB Chief Market Analyst Jason Mercer.
âWe 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,â said TRREB CEO John DiMichele.
By: Florence Adebayo,
Real Estate Agent with C21 Percy Fulton Ltd.