In October 2024, the Greater Toronto Area real estate market experienced a surge in activity, with home sales rising sharply compared to the same period last year. GTA REALTORS® reported 6,658 home sales through TRREB’s MLS® System, marking a 44.4% increase over the 4,611 sales recorded in October 2023.
“While we are still early in the Bank of Canada’s rate cutting cycle, it definitely does appear that an increasing number of buyers moved off the sidelines and back into the marketplace in October,” said Jennifer Pearce, President of the Toronto Regional Real Estate Board (TRREB), in a press release. “The positive affordability picture brought about by lower borrowing costs and relatively flat home prices, prompted this improvement in market activity.”
Modest uptick in new listings
While sales jumped, the number of new listings recorded a much more modest rise.
A total of 15,328 properties entered the MLS® System in October 2024, up by only 4.3% from October 2023. This slower growth in new listings has resulted in tighter market conditions, adding competitive pressure for buyers navigating limited inventory.
“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,” said Jason Mercer, TRREB Chief Market Analyst. “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.”
Home prices show slight increase
The average selling price for homes in the GTA rose, reaching $1,135,215 in October 2024, a 1.1% increase from October 2023. However, the MLS® Home Price Index Composite benchmark, which accounts for typical home types, was down 3.3% year over year. On a seasonally adjusted basis, both sales and average prices saw slight gains from September to October, suggesting a steady trend for the market as demand holds strong.
