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Market Report September 2024


Lake Ontario Overlooking The Toronto Downtown Core and CN Tower

REXIG SUMMARY

GTA Housing Market September 2024: Real Estate Market Sees Boost in Sales as Buyers Respond to Lower Interest Rates


The Greater Toronto Area (GTA) real estate market saw a notable increase in home sales during September 2024, as buyers began to take advantage of improving market conditions. Home sales totaled 4,996 for the month, representing an 8.5% increase from the 4,606 sales recorded in September 2023. Alongside the rise in sales, new listings surged by 10.5%, with 18,089 homes added to the MLS® System, providing buyers with more options in a better-supplied market.


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The uptick in sales is largely attributed to recent interest rate cuts and changes in mortgage lending guidelines, which have made homeownership more attainable, particularly for first-time buyers. With borrowing costs trending lower, more households in the GTA are taking advantage of the opportunity to make long-term investments in homeownership. As a result, sales activity has been steadily increasing, especially in more affordable segments such as condo apartments and townhouses, which saw moderate price declines year-over-year.


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Despite the increase in sales, average home prices have remained relatively stable. In September 2024, the average selling price was $1,107,291, down by just 1% compared to $1,118,215 in September 2023. However, the MLS® Home Price Index Composite benchmark declined by 4.6% year-over-year, indicating that while the market is active, price adjustments continue, particularly in the lower-priced segments. On a seasonally adjusted basis, both home sales and prices edged up slightly compared to August.


Future Outlook


Looking ahead, the GTA housing market is expected to continue growing as buyers benefit from further interest rate cuts and additional flexibility in mortgage lending guidelines. The recent changes, including longer amortization periods and the ability to insure mortgages for homes over $1 million, are expected to make homeownership more accessible for a broader range of buyers. As more buyers re-enter the market and supply improves, the GTA is poised for sustained growth in the coming months.




REGIONAL SPOTLIGHT // SEPTEMBER 2024 Oakville-Milton Region Real Estate Market Report



The Oakville-Milton real estate market saw continued shifts in September 2024, marked by a decline in home sales and rising inventory. While prices showed mixed trends across different property types, the market balance has tipped further in favor of buyers. Below is a snapshot of key trends from the month.


Inventory and Listings

Active listings surged to 892 units, a 22.7% year-over-year increase, marking the highest inventory in over five years. New listings were stable at 643, with months of inventory rising to 4.6 from 3.5, giving buyers more negotiating power.


Average Sale Prices

The MLS® Home Price Index composite benchmark dropped 4.6% to $1,224,600. Single-family homes saw a slight 2.5% decrease, while townhouses and apartments experienced more significant declines. The average sale price rose 3.4% to $1,444,035, though year-to-date prices were down 1.5%.


Future Outlook

With inventory growing and prices easing in key segments, the market presents strong opportunities for buyers. The trend of increased supply and buyer-friendly conditions is expected to continue in the coming months.



 

Read here to read our economic update for last month.


ECONOMIC SPOTLIGHT

How Interest Rate Cuts Will Impact Canada’s Economic Path // Q4 2024


 

As valued clients of REXIG Realty, we are excited to provide you with our latest Real Estate Market Report

for the Greater Toronto Area & surrounding regions.


Our goal is to keep you informed and empowered with the most up-to-date information to make

informed decisions regarding your real estate investments.

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