GTA Real Estate Market Report - September 2024

The Greater Toronto Area (GTA) housing market saw a boost in activity throughout September 2024, as favorable mortgage conditions and increased market supply helped attract more buyers.

Key Highlights:

• Sales Increase: 4,996 home sales in September, an 8.5% increase compared to the 4,606 sales in September 2023.
• New Listings: A total of 18,089 new listings were added, marking a 10.5% increase year-over-year.
• Average Price: The average home price across the GTA was $1,107,291, down 1% from $1,118,215 in 2023.

Detached Homes

Detached homes continued to be the most sought-after property type in the GTA, although they experienced a slight decline in average price year-over-year.

💎 416 Region

• Sales: 599 units
• Average Price: $1,299,324

💎 905 Region

• Sales: 1,755 units
• Average Price: $1,685,755

Year-over-year Changes:
Detached home sales saw a slight drop of 3.5% in the 416 area and 1.7% in the 905 area, with price adjustments reflecting the overall market's moderate cooling.

Semi-Detached Homes

Semi-detached homes are an affordable option for buyers, particularly in suburban areas. Prices in this category showed stability across the GTA.

💎 416 Region

• Sales: 158 units
• Average Price: $1,090,749

💎 905 Region

• Sales: 446 units
• Average Price: $1,423,056

Year-over-year Changes:
In the 416 region, the average price for semi-detached homes declined by 2.4%, while in the 905 region, it decreased by 0.5%, reflecting modest price adjustments.

Townhouses

Townhouses remained a popular choice, especially for first-time buyers looking for affordable entry points into the GTA housing market. However, townhouse prices varied across regions.

💎 416 Region

• Sales: 180 units
• Average Price: $978,343

💎 905 Region

• Sales: 599 units
• Average Price: $1,090,749

Year-over-year Changes:
The average price for townhouses in the 416 region dropped by 4.1%, while the 905 region saw a more stable decline of 2%.

Condo Apartments

Condo apartments remain the most accessible option for many buyers in both the 416 and 905 areas. The condo market is crucial for first-time buyers, investors, and those looking for more affordable housing options.

💎 416 Region

• Sales: 864 units
• Average Price: $707,917

💎 905 Region

• Sales: 1,755 units
• Average Price: $887,023

Year-over-year Changes:
The 416 condo market saw a price drop of 4.1%, while the 905 region remained slightly more stable, with a 2% decline in the average condo price.

Market Outlook

Looking ahead, the market is expected to benefit from improved borrowing conditions and increased buyer interest in more affordable property segments like townhouses and condos. With mortgage rates continuing to stabilize and positive changes to lending guidelines, more buyers are likely to enter the market in the coming months.

For more information or to explore your real estate options in the GTA, contact Ali Bolourchi and his experienced team. Whether you're looking to buy, sell, or invest, we're here to guide you through every step of the process.

☎️ CALL US: 416-886-2000
🌐 Visit: GTALuxuryHomes.ca