Vaughan Real Estate Agent Insights: Greater Toronto Area Home Sales Surge in October 2024
TORONTO, ONTARIO, October 3, 2024 –
The amount of sales in the Greater Toronto Area (GTA) increased significantly in October 2024 compared to October 2023. As we saw an increase in this category, we only seen a slight change in home prices, which led to tighter market conditions than seen in October 2023. As a result, the average selling increased only slightly.
Buyers are navigating the shifting conditions to make well informed decisions
While the market has tightened, it has offered home buyers a new selection of home options. According to TRREB Chief Market Analyst Jason Mercer, the availability of choice for buyers may keep price growth moderate over the coming months. However, as the existing inventory gets absorbed and new construction struggles to keep up with population growth, home prices are expected to rise, predicted to increase in 2025.
GTA REALTORS® recorded 6,658 home sales in October 2024 through TRREB’s MLS® System
Home Sales increased by 44.4% compared to the 4,611 sales recorded in October 2023. New listings saw a smaller increase, 4.3 % increase which totals 15,328, from the previous year. Reporting has indicated that sales have increase from September to October of this year, indicating growing confidence in the market. Although the MLS® Home Price Index Composite benchmark declined by 3.3% year-over-year, the average selling price rose 1.1%, reaching $1,135,215. When reviewing month over month, the average selling price in October showed an increase from September.
Policy Changes to look out for which could help form new Real Estate Market conditions
Policymakers have also proposed measures that could further improve affordability for home buyers. TRREB CEO John DiMichele pointed to the Conservative Party of Canada’s plan to remove the GST on new homes under $1 million as a positive step to relieve affordability pressures. This policy could help increase housing supply by incentivizing new builds, which is essential in high-demand areas like Vaughan. In addition, we need to mention the new rule that would allow insured mortgages on home prices up to $1.5 million, to better accommodate home purchasing in expensive markets in the GTA like, Toronto, Vaughan, Markham, etc.. He urged provincial policymakers to consider matching this federal proposal.
As we continue to progress through this year, variables will continue to impact real estate conditions
In this climate of steady buyer interest, moderate price growth, and promising policy developments, working with a knowledgeable real estate agent in Vaughan and GTA , can offer a strategic advantage. Whether you are a first-time buyer or seeking an investment property, a skilled agent understands the nuances of the GTA markets and can provide valuable insights into timing and negotiation. This expertise is especially crucial as market conditions evolve, helping you make informed decisions that align with your goals. For both buyers and sellers, now could be an opportunity to capitalize on a housing market that is gradually gaining traction.
