After a resurgent September for GTA real estate, October maintained the upward trend, with a strong month of results.
Buyers re-entered the marketplace, likely prompted by the Bank of Canada’s more aggressive interest rate cut of 0.5%, driving high total sales figures. As a result, inventory was snatched up, and prices increased. While we don’t know what will happen between now and the next Bank of Canada interest rate decision, I expect another cut to come, given the current trajectory.
Let’s look in-depth to see what exactly what kind of month the GTA market experienced:
GTA
The Average Sales Price rose 2.5%, from $1,107,291 to $1,135,215, a second consecutive monthly increase. After months of 2024 prices falling below 2023’s mirrored results, the Average Sales Price is 1.1% higher than in October of last year ($1,122,727), year-over-year. This trend should continue over the next few months.
Total Sales
Total Sales leapt to 6,659 in October from 4,996 in September. That’s a growth of 33.2%! The growth is even higher when measuring year-over-year numbers: Total Sales were up a staggering 44.4% compared to October 2023 (4,646).
New Listings
After a 44.1% increase from August to September, New Listings fell from 18,089 to 15,328 in October. While that’s up 4.3% from October 2023, it was a 15.3% decrease, month-to-month.
Active Listings
Active Listings fell marginally from September’s 25,612 to 24,481 in October (-4.4%). While GTA inventory decreased by over a thousand properties, plenty of supply is still available.
Toronto
The Average Sales price in the 416 rose again, from $1,113,671 to $1,165,660, a 4.7% growth. Total Sales were also up, but this time by a substantial 38.8%, from 1,808 to 2,509.
September’s busy 7,074 New Listings dropped to 5,959 in October (-15.8%). Active Listings in the City of Toronto fell slightly below 10K, from 10,022 homes on the market to 9,756 (-2.7%).
While there was no significant rise, the Sales-to-New-Listings Ratio (SNLR) moved back over 40% in the GTA, from 39.3% to 40.3%. In the 416, the SNLR crept up to 38.3% from 37.4%.
Outlook
With prices rising slightly and interest rates continuing downward, more buyers should continue to enter the market and snap up the plentiful supply of inventory available. The GTA real estate market is stable, and the future looks much better for home buyers than just a few months ago.
If you’re ready, it’s an excellent time to enter the market while inventory remains high!
Thinking of moving to the next stage? Let’s chat. Send me an email (hillary@hillarylane.ca) or text/phone (416-882-4707).
Photo by Priscilla Du Preez 🇨🇦 on Unsplash
