➕September 2024➕
➕’The Numbers’ for September are in! Home sales in the Toronto saw an 4% year-over-year increase as buyers took advantage of lower borrowing costs and new mortgage guidelines. With a 9% increase in new listings, the market is better supplied, giving buyers more choice and negotiating power.
Average home prices dipped slightly [-1% compared to last year], offering buyers the opportunity to enter the market before potential future increases as the economy improves.
For sellers, the surge in listings means more competition, and lower prices in some segments like condos and townhouses. Still, demand is expected to rise, especially for first-time buyers, as rate cuts and new lending options boost affordability.
Looking ahead, as inventory continues to move and borrowing costs stay low, the market may stabilize, benefiting both buyers and sellers in the long run.
In this dynamic landscape, it is vital to have a trustworthy and knowledgeable realtor by your side. Whether you’re considering selling or buying a property, or if you have any real estate inquiries, feel free to reach out. We are here to guide you!
Looking to buy or sell a home in Toronto? Average prices in September were as follows:
➕Detached $1,685,755 [-2% vs. 2023]
➕Semi-detached $1,299,324 [+1% vs. 2023]
➕Townhouse $978,343 [-1% vs. 2023]
➕Condo $707,917 [-3% vs. 2023]
