The Toronto Regional Real Estate Board (TRREB) just released the market statistics for October and the trends look good. Whether you are actively in the market or simply staying informed, here is the latest on what is happening and how it may affect you. For the Full Report click HERE
Sales Up:
The Greater Toronto Area (GTA) home sales increased strongly year-over year in October 2024 (4,646 units in 2023 vs 6,658 units in 2024). Over the same period, active available listings were up from 19,540 to 24,481, a significantly larger inventory of homes. When compared to September 2024, sales of 6,658 in October were up 33.2% as more Buyers entered the market to take advantage of this strong Buyer’s Market. This resulted in average home prices rising to $1,135,215 or an increase of 2.5%.
“Market conditions did tighten in October, but there is still a lot of inventory and therefore choice for home buyers. This choice will keep home price growth moderate over the next few months. However, as inventory is absorbed and home construction continues to lag population growth, selling price growth will accelerate, likely as we move through the spring of 2025,” said TRREB Chief Market Analyst Jason Mercer.
Durham Region Sales Up Prices Down:
Durham Region had 888 sales in October with an average selling price of $888,914 down slightly from September’s average. Detached homes sold on average for $985,391 based on 76 sales, was also down from the month earlier. Freehold townhouses had the largest number of sales in the Region at 135 units up 28.6% over September with an average selling price of $813,067. The average selling price was up 1.0%.
Durham Region remains the most affordable area in the GTA. See GTA comparison of sales and prices by GTA communities by clicking HERE
What Does This Mean For You?
Is your home still meeting your needs? Are you ready to move up or to stop paying rent or to downsize the family home? Maybe November is the time to start exploring new housing options and opportunities. This real estate market will begin to tighten up more and more as we move towards 2025 and with another interest rate reduction possible in December and with an early start to the Spring Market prices could be on the move upwards. Now is the time to get yourself pre-approved, and to understand you financing options so you can find the perfect home in the coming months. Let us help you get prepared with expert analysis, home preparation ideas and access to our many professional contractors if you need things fixed or replaced.
As always if you have any real estate-related questions please don’t hesitate to reach out to us. Call or email today.