Good news for homebuyers in the Greater Toronto Area (GTA)! September saw an increase in home sales, thanks to lower interest rates and more affordable prices. With the market starting to turn in favor of buyers, it’s a great time to consider making a move.
According to TRREB President Jennifer Pearce, “As interest rates drop, more people in the GTA will be able to afford a home, especially first-time buyers.” This means we could see even more sales in the months ahead.
September 2024 Market Highlights:
- 4,996 homes sold – an 8.5% increase compared to September 2023.
- 18,089 new listings, up by 10.5% from last year, giving buyers more homes to choose from.
- The average home price was $1,107,291, down by just 1% from last year.
More homes hit the market in September, and sales increased compared to August, showing that more people are taking the leap into homeownership.
Home Prices and Trends
The overall MLS Home Price Index was down 4.6% from last year, but the average home price only dropped by 1%. Condo apartments and townhouses—especially popular with first-time buyers—saw more significant price dips, giving buyers some extra room to negotiate.
Mortgage Changes Making It Easier to Buy
Recent updates to mortgage rules are also helping homebuyers. You can now shop for the best mortgage rate without going through the stress test again, plus there are longer mortgage terms and the option to insure mortgages for homes over $1 million. These changes offer buyers more flexibility, making it easier to find the right home.
With lower prices, better mortgage options, and more listings on the market, now is a great time to start your home search in the GTA.
If you’ve been thinking about buying, this could be the perfect opportunity. Contact me and let’s chat!
