By Sammy Hudes
The board said 6,658 homes changed hands last month in the Greater Toronto Area, up 44.4 per cent compared with 4,611 in the same month last year. Sales were up 14 per cent from September on a seasonally adjusted basis.
The average selling price was up 1.1% compared with a year earlier at $1,135,215. The composite benchmark price, meant to represent the typical home, was down 3.3% year-over-year.
“While we are still early in the Bank of Canada’s rate cutting cycle, it definitely does appear that an increasing number of buyers moved off the sidelines and back into the marketplace in October,” said TRREB president Jennifer Pearce in a news release.
“The positive affordability picture brought about by lower borrowing costs and relatively flat home prices prompted this improvement in market activity.”
The Bank of Canada has slashed its key interest rate four times since June, including a half-percentage point cut on Oct. 23. The rate now stands at 3.75%, down from the high of five per cent that deterred many would-be buyers from the housing market.
New listings last month totalled 15,328, up 4.3% from a year earlier.
In the City of Toronto, there were 2,509 sales last month, a 37.6% jump from October 2023. Throughout the rest of the GTA, home sales rose 48.9% to 4,149.
All property types saw more sales in October compared with a year ago throughout the GTA.
Townhouses led the surge with 56.8% more sales, followed by detached homes at 46.6% and semi-detached homes at 44%. There were 33.4% more condos that changed hands year-over-year.
“Market conditions did tighten in October, but there is still a lot of inventory and therefore choice for homebuyers,” said TRREB chief market analyst Jason Mercer.
“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.”
This report by The Canadian Press was first published Nov. 6, 2024.
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Last modified: November 6, 2024
