TORONTO, ONTARIO, October 3, 2024 – Greater Toronto Area (GTA) home sales increased year-over-year in September, as buyers took advantage of more affordable market conditions brought about by interest rate cuts and lower home prices.

“As buyers take advantage of changes to mortgage lending guidelines and borrowing costs trend lower, home sales will steadily increase in relation to population growth. With every rate cut, a growing number of GTA households will afford a long-term investment in home ownership, including first-time buyers,” said Toronto Regional Real Estate Board (TRREB) President Jennifer Pearce.

GTA REALTORS® reported 4,996 home sales through TRREB’s MLS® System in September 2024 – up by 8.5% compared to 4,606 sales in September 2023. New listings amounted to 18,089 – a 10.5% year-over-year increase. On a seasonally adjusted basis, both sales and new listings saw monthly increases compared to August.

The MLS® Home Price Index Composite benchmark was down by 4.6% year-over-year in September 2024. However, the average selling price, at $1,107,291, decreased by just 1% compared to September 2023’s $1,118,215. On a seasonally adjusted basis, the average selling price increased slightly from August.

“The annual improvement in September home sales was matched by an increase in new listings. This resulted in a better-supplied market and more negotiating power for buyers re-entering the market. The ability to negotiate on price led to moderate year-over-year price declines, especially in the more affordable condo and townhouse segments, which are popular with first-time buyers,” said TRREB Chief Market Analyst Jason Mercer.

“We are pleased with the recent changes to mortgage lending guidelines. Allowing existing mortgage holders to shop for better rates without facing the stress test will result in more affordable renewals. Longer amortization periods and the ability to insure mortgages for purchases over $1 million will give buyers more options as the GTA housing market recovers. TRREB has long been advocating for these changes to give buyers more flexibility,” said TRREB CEO John DiMichele.