GTA Home Sales Surge in October 2024 as Market Tightens

Toronto Regional Real Estate Board (TRREB) data reveals a significant year-over-year increase in GTA home sales for October 2024. While new listings also rose, the pace was slower, leading to tighter market conditions compared to the previous year.

Despite a slight annual increase in the average selling price to $1,135,215, TRREB President Jennifer Pearce attributes the uptick in sales to the Bank of Canada’s rate-cutting cycle and improved affordability. “Lower borrowing costs and relatively flat home prices have encouraged more buyers to enter the market,” she said.

TRREB Chief Market Analyst Jason Mercer notes that while October saw tighter market conditions, ample inventory ensures continued buyer choice and moderate price growth in the near term. However, as inventory is absorbed and construction lags population growth, price acceleration is anticipated for spring 2025.

To further enhance affordability, TRREB CEO John DiMichele advocates for policy measures like the Conservative Party’s proposed GST removal for new homes under $1 million. He also suggests phasing out the rebate between $1 million and $1.5 million for markets like the GTA and Vancouver, and calls for provincial alignment with this proposal.