Home sales in the Greater Toronto Area (GTA) showed a small rise in September 2024, according to the latest report from the Toronto Regional Real Estate Board (TRREB). The region saw a 1.5% increase in home sales compared to the previous month, despite ongoing challenges in the housing market. This modest growth was supported by a mix of steady buyer interest and stable market conditions. However, even with this uptick, overall sales levels remained below last year’s numbers.
A key factor behind this rise in sales was the slight dip in home prices, which made buying more appealing for some buyers. The average selling price for homes in the GTA in September was approximately $1.13 million, a small decrease from earlier in the year. Buyers looking for affordability took advantage of this opportunity, but high borrowing costs due to interest rates still kept many potential buyers on the sidelines.
New listings in the GTA also increased slightly, offering more choices for those in the market. However, the number of homes available for sale is still low compared to the demand. This has kept the competition for properties relatively strong, especially in popular areas of the city. Despite the challenges, market experts suggest that the gradual increase in sales could be a sign of the market stabilizing after a turbulent year.
TRREB's Chief Market Analyst, Jason Mercer, noted that while the sales increase is encouraging, high mortgage rates continue to weigh on buyers. "The market will likely remain sensitive to interest rate fluctuations for the foreseeable future," Mercer said. Looking ahead, both buyers and sellers will be closely watching the Bank of Canada’s decisions on interest rates, as they will play a significant role in shaping the market in the months to come.
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