Sales in Toronto Housing Market Surge by 44%
Home sales in Toronto increased by 44 percent year over year, according to data released by the Toronto Regional Real Estate Board (TRREB).
“While we are still early in the Bank of Canada’s rate cutting cycle, it does appear that more buyers have entered the market in October,” stated real estate board president Jennifer Pearce.
“Lower borrowing costs and stable home prices have improved affordability, leading to this rise in market activity,” Pearce added.
Realtors in the Greater Toronto area reported 6,658 home sales in October, compared to 4,611 in October 2023.
Sales increased by 14 percent from September on a seasonally adjusted basis, as reported by TRREB.
In the City of Toronto, home sales rose by 37.6 percent from October 2023 to 2,509 sales, while the rest of the GTA saw a 48.9 percent increase to 4,149 sales.
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All types of housing experienced increased sales compared to 2023, with townhouses leading at 56.8 percent. Detached homes saw a 46.6 percent increase, while semi-detached homes rose by 44 percent and condo sales went up by 33.4 percent year-over-year.
TRREB reported an increase in new home listings, totaling 15,328 new listings compared to 14,700 in October 2023.
The average selling price of a home saw a modest increase of 1.1 percent, from $1,123,390 in 2023 to $1,135,215 in 2024.
The composite benchmark price, representing typical home prices, decreased by 3.3 percent from the previous year.
TRREB chief market analyst Jason Mercer noted, “Market conditions tightened in October, offering more inventory and choice for homebuyers. However, this situation is expected to change as inventory is absorbed and home construction lags behind population growth.”
Mercer predicts that home prices will start to rise as we move through the spring of 2025.
The surge in sales follows multiple interest rate cuts by the Bank of Canada since June, with the latest cut reducing the rate to 3.75 percent on Oct. 23.
The Canadian Press contributed to this report.
