10/04/2024
September 2024 Real Estate Update โ GTA
* Home sales in the Greater Toronto Area (GTA) increased by 8.5% in September compared to last year, with 4,996 sales reported. More affordable market conditions, driven by lower interest rates and reduced home prices, helped boost buyer activity.
* New listings also rose, with 18,089 homes added to the market, up 10.5% from the previous year, leading to more negotiating power for buyers. Prices saw a slight drop, with the average selling price at $1,107,291, down 1% from September 2023.
* Condo apartments and townhouses, popular among first-time buyers, experienced moderate price declines, providing more opportunities in the market.
* Mortgage lending guideline changes, such as longer amortization periods and the ability to insure mortgages over $1 million, have also made it easier for buyers to navigate the market.