The Resale Real Estate Statistics for the Month of September 2024 are in, and here are the Key Facts

- 4,996 sales reported through Toronto Real Estate Board’s MLS (up 8.5% from September 2023).

                                                              
- Average selling price of all home types was down 1.0% year over year.

- 5.13 months of standing inventory.

Here are additional year-over-year statistics based on area and type of home that will shed more light on the overall market conditions.

Toronto Statistics - Year over Year Median price change

Mississauga Statistics – Year over Year Median Price change

Brampton Statistics - Year over Year Median Price change

Milton Statistics - Year over Year Median Price change

Oakville Statistics - Year over Year Median Price change

Vaughan Statistics – Year over Year Median Price Change

The GTA market's sales volume was up by 8.5% compared to September 2023; on a monthly basis, sales were about the same as last month. With the number of new listings up 10.5%, the inventory level rose to 5.13 months at the end of September 2024. This increase in supply has given the buyers an upper hand in the current market, like the fall of last year.

The median sale price for all home types was $950,000, down 1.04% year over year and up 2.70% compared to last month. On average, homes are selling for 99% of the asking price within 27 days.

Even with the Bank of Canada’s two consecutive quarter-a-point rate cuts (and now a third time in September), August sales results suggest buyers will require more to encourage greater activity throughout the market. Although the median home price is up 3.9% compared to January 2024 but has trickled down 6.75% from May of this year. This slowdown in the market can be attributed mainly to the increase in fixed-term mortgage rates that are still hovering above 4.5%, for 3 to 5-year mortgage terms, even after 3 consecutive rate cuts by the Bank of Canada. Coupled with a seasonal slowdown in August due to summer vacations and families being busy preparing to send kids back to school, the GTA real estate market has become a strong buyer’s market.

If you are a first-time Buyer or investor, this might be an excellent time to take advantage of the sluggish market conditions and buy a home. Bank of Canada has lowered their lending rate by 75 basis points in the last 3 months, which will eventually lead to lower fixed-term mortgage rates through the fall, likely influencing the buying decision for real estate and leading to an uptick in activity. The current Buyer’s market, with the highest level of inventory we have seen in over a decade, may be short-lived, but for now, Buyers can take advantage of high inventory and lower prices.

If you need to sell, the key in the present market is to price effectively and strategically market the property. The right advice on pricing strategy, staging, and presentation plays a key role in successfully selling your property.

Please feel free to contact me if you would like me to provide you with detailed market statistics for your area or property.