➕October 2024➕
➕ The Numbers for October are in! Home sales in the Toronto surged by an impressive 37% year-over-year as buyers took advantage of lower borrowing costs, marking a strong return to the market. Meanwhile, new listings rose by 5%, tightening market conditions slightly compared to last October.
Average home prices inched up 3% compared to last year, offering buyers an opportunity to secure a property before potential price growth in 2025. For sellers, the increased listings mean more competition, though demand is likely to strengthen as rate cuts and affordability measures draw more buyers in.
Looking ahead, the current ample inventory offers buyers more options, which should help keep price growth moderate in the coming months. However, as this inventory is gradually absorbed and home construction falls behind population growth, we can expect selling prices to start rising, likely gaining momentum by spring 2025.
In this dynamic landscape, having a knowledgeable realtor by your side is essential. Whether you’re looking to buy, sell, or simply have real estate questions, feel free to reach out—we’re here to guide you!
Looking to buy or sell a home in Toronto? Average prices in October were as follows:
➕Detached $1,778,855 [+4% vs. 2023]
➕Semi-detached $1,315,547 [+3% vs. 2023]
➕Townhouse $1,032,959 [+2% vs. 2023]
➕Condo $721,366 [-1% vs. 2023]
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Data presented is for City of Toronto Only. Source: TRREB.
