Home sales in the GTA saw a strong year-over-year increase in September, as more buyers took advantage of favourable market conditions created by interest rate cuts and lower home prices.

In September 2024, 4,996 homes were sold - an impressive 8.5% increase compared to the 4,606 sales in September 2023. New listings also surged, with 18,089 homes entering the market, up by 10.5% year-over-year. On a seasonally adjusted basis, both sales and new listings showed growth compared to August, signalling continued momentum.

The Home Price Index Composite benchmark dropped by 4.6% year-over-year, and the average selling price stood at $1,107,291 - just 1% lower than the September 2023 average of $1,118,215. On a seasonally adjusted basis, prices edged up slightly compared to August, hinting at a potential stabilization in the market.

As mortgage lending guidelines shift and borrowing costs trend lower, we anticipate steady growth in home sales, supported by the region’s population growth. Every rate cut opens the door for more GTA households to make a long-term investment in home ownership, including first-time buyers.

With more listings available, buyers are finding themselves in a better supplied market, gaining increased negotiating power. This has led to moderate price declines, particularly in the more affordable condo and townhouse segments - an encouraging trend for first-time buyers looking to enter the market.

We’re also thrilled with the recent changes to mortgage lending guidelines, which will make a significant impact on affordability. Existing mortgage holders now have the flexibility to shop for the best rates without facing the stress test, making renewals more affordable. Plus, longer amortization periods and insurable mortgages over $1 million provide even more options for buyers as the GTA housing market continues to recover.

CLICK HERE for the Full Market Report.

Find Your Home Value