Toronto’s housing market is finally bouncing back. As per the latest data released by the Toronto Regional Real Estate Board (TRREB), GTA home sales have shot up on both a monthly and yearly basis.
TRREB President Jennifer Pearce said, “While we are still early in the Bank of Canada’s rate-cutting cycle, it definitelydoes appear that an increasing number of buyers moved off the sidelines and back into the marketplace in October. The positive affordability picture brought about by lower borrowing costs and relatively flat home prices prompted this improvement in market activity.”
TRREB reported 6,658 home sales in October – which is a 44.4% increase compared to October of 2023. Not only that, it’s also a month-over-month increase of 4,996 units. Of the total recorded home sales, detached homes accounted for the largest portion of sales with 3,139 units – followed by 1,722 condo sales, 1,123 townhouse sales, and 612 semi-detached sales. The total number of new listings in October stood at 15,328 recording a rise of 4.3% year-over-year but a significant drop month-over-month.
Speaking about market conditions, TRREB Chief Market Analyst Jason Mercer said, “Market conditions did tighten in October, but there is still a lot of inventory and therefore choice for home buyers. This choice will keep home price growth moderate over the next few months. However, as inventory is absorbed and home construction continues to lag population growth, selling price growth will accelerate, likely as we move through the spring of 2025.”
TRREB CEO John DiMichele highlighted the significant role rebates play in enhancing the housing market. He said,“TRREB supports the Conservative Party of Canada’s pledge to remove the GST from the purchase of new homes sold for under $1 million as this is an encouraging step towards giving new home buyers desperately needed relief. Enhancing the rebate will not only make homes more affordable, but it will also increase the number of homes built.”
