GTA REAL ESTATE MARKET October 2024 Stats

In October 2024, the Greater Toronto Area (GTA) saw a significant boost in home sales, with 6,658 properties sold—up 44.4% from October 2023’s 4,611 sales. New listings increased more modestly by 4.3%, totaing 15,328, which tightened market conditions compared to last year. The average selling price rose slightly, up 1.1% to $1,135,215, while the MLS® Home Price Index showed a 3.3% year-over-year decline. TRREB attributes this market activity to improved affordability, influenced by lower borrowing costs amid the Bank of Canada’s rate-cutting cycle. TRREB supports affordability measures, such as the Conservative Party’s proposal to remove GST on new homes under $1 million, and recommends a phased rebate for homes between $1 million and $1.5 million. This adjustment, along with matched provincial policies, could ease affordability in high-cost markets like the GTA.