Rate Cuts & Increased Sales, October 2024 Housing Market Stats

Home sales in the Greater Toronto Area (GTA) showed significant improvement in October 2024, with a 44.4% year-over-year increase. New listings also rose, though at a more modest rate of 4.3%, leading to tighter market conditions compared to October 2023. The average selling price edged up by 1.1% to $1,135,215.

TRREB President Jennifer Pearce noted that the early stages of the Bank of Canada's rate-cutting cycle appear to have encouraged more buyers to re-enter the market, driven by greater affordability due to lower borrowing costs and stable home prices.

TRREB Chief Market Analyst Jason Mercer observed that, although market conditions tightened, ample inventory continues to provide options for buyers, likely moderating price growth in the near term. However, he anticipates faster price increases in spring 2025 as inventory is absorbed and new construction lags behind population growth.

There are lots of choices if you are looking to buy and lots of buyers if you are looking to sell.  Please reach out to discuss your real estate plans or if you have any questions.  

BOC Rate Announcements Remaining 2024:

* Wednesday, Dec 11 (Another Big Cut Coming?)

Contact Me If You Woul Like A Link To Specific Regional Sales Stats.