The Toronto Regional Real Estate Board (TRREB) reports home sold in the Greater Toronto Area (GTA) reached 4,996 in September 2024, an 8.5% increase over the 4,606 sales in September 2023. New listings were up 10.5% year-over-year, rising to 18,089 homes in September, while the aggregate benchmark decreased 4.6% year-over-year. The average GTA selling price was $1,107,291 down 1% from the September 2023 average of $1,118,215. “As buyers take advantage of changes to mortgage lending guidelines and borrowing costs trend lower, home sales will steadily increase in relation to population growth,” said TRREB President Jennifer Pearce. “With every rate cut, a growing number of GTA households will afford a long-term investment in home ownership, including first-time buyers.” The increase in listings took pressure off the market, said TRREB Chief Market Analyst, Jason Mercer. “The annual improvement in September home sales was more than matched by the increase in new listings over the same period. This resulted in a better-supplied market and increased negotiating power for buyers re-entering the market,’ said Mercer. “The ability to negotiate on price led to moderate year-over-year price declines, particularly in the more affordable condo apartment and townhouse segments, which are popular with first-time buyers.” TRREB CEO John DiMichelle said his organization campaigned for the recent mortgage rule changes. “We are pleased with the positive changes to mortgage lending guidelines announced over the past month. The ability for existing mortgage holders to shop around for the best rate without facing the stress test will result in more affordable renewals,” said DiMichelle. “Longer amortization periods and the ability to insure mortgages for purchases over $1 million dollars will give home buyers more options as the GTA housing market recovers. TRREB has long been calling for these changes to give buyers more flexibility as they navigate their home buying journey.”
