Toronto’s October Real Estate Surge: Key Trends and What’s Next
The Toronto Regional Real Estate Board (TRREB) has released its October Market Watch, revealing some noteworthy shifts in the Greater Toronto Area (GTA) housing market. With home sales up sharply year-over-year, the latest data offers valuable insights into where the market is headed, showcasing both challenges and opportunities.
GTA Market Snapshot: October’s Key Figures
In October 2024, GTA home sales saw a robust 44.4% increase from the previous year, with TRREB’s MLS® System reporting 6,658 transactions, up from 4,611 in October 2023. New listings also rose, though at a more modest rate of 4.3% year-over-year, totaling 15,328. This shift in dynamics led to a tighter market compared to October 2023, creating a landscape of increased demand amid limited inventory. The average selling price inched up 1.1% year-over-year, reaching $1,135,215.
TRREB President Jennifer Pearce remarked, “While we’re just beginning to feel the effects of the Bank of Canada’s rate-cutting cycle, it’s clear that more buyers returned to the market in October. Improved affordability, coupled with stable home prices and lower borrowing costs, spurred this uptick in activity.”
A Look at Pricing and Inventory Trends
The MLS® Home Price Index Composite benchmark showed a 3.3% decrease year-over-year in October, yet the average selling price edged up 1.1% over the same period. On a seasonally adjusted basis, both sales and average prices recorded modest month-over-month growth from September, hinting at a stabilizing market.
TRREB’s Chief Market Analyst, Jason Mercer, noted, “October did see tightening market conditions, but buyers still have ample choice, which is helping to keep price growth moderate for now. However, as inventory diminishes and housing construction falls short of population growth, we anticipate accelerated price growth by spring 2025.”
Affordability Measures and Policy Support
The current affordability challenges aren’t going unnoticed. TRREB’s CEO, John DiMichele, highlighted recent policy pledges to ease the tax burden on buyers as a positive step. “The Conservative Party’s commitment to remove GST from homes under $1 million is a promising move to provide some relief for new homebuyers,” DiMichele explained. He also advocated for extending rebates to homes priced up to $1.5 million in high-cost markets like the GTA and Vancouver, suggesting that this approach would better reflect local pricing realities.
Navigating Your Real Estate Journey
For those looking to buy, sell, or invest in Toronto’s dynamic market, now is the time to act with confidence. With tighter inventory and rate cuts potentially driving activity, securing guidance from experienced professionals is key to making the most of today’s market opportunities.
Ready to explore your real estate options? Reach out today for trusted advice and insights into Toronto’s evolving housing landscape.
