Best customer rated real estate agents in Toronto. Sales Surge 44.4% with Rate Cuts, Yet Significant Inventory Remains—It’s Prime Time for Buyers!

📉 INVENTORY SURGE

📉 The Greater Toronto Area (GTA) has over 24,400 properties on the market - this marks the second consecutive month with the highest inventory levels of the year. To put things into perspective, this is the highest October inventory we've seen since 2009! This 15-year high represents a significant +25.3% annual increase in listings, giving buyers a distinct advantage with plenty of options to find the perfect property.

Trying to time the bottom of the market? Most experts agree that we’ve already passed the bottom of the market in most neighbourhoods in the GTA, however in some areas such as the Toronto condo market, the bottom is still happening right now. With housing supply having risen sharply—to inventory numbers we haven’t seen in well over a decade—yet average home prices remaining stable, this signals the bottom of the market has passed for most sectors. Now is the time to secure a great property before additional upcoming rate cuts spur on buyer activity and push prices upwards once again. Don’t miss this rare window to expand your real estate portfolio and lock in a smart mid to long-term investment before the market shifts.
 

🏡 HOME PRICES

🏡 Average home prices in the GTA remain steady, showing a slight year-over-year increase of +1.1% in October 2024, reaching $1,135,215. Month-over-month, prices rose by a slightly higher margin of +2.5% compared to September 2024. However, suburban condos stood out as the exception, recording the sharpest annual decline at -4.3%. 

🚀 SALES VOLUMES

📊 October saw 6,658 property sales, a remarkable +44.4% increase compared to the same time last year. Townhouses led the charge with a +56.8% surge in sales, closely followed by detached homes which saw a +46.6% annual sales increase.

With four consecutive Bank of Canada rate cuts, we may be moving toward a balanced market, typically characterized by 7,000 to 8,000 monthly home sales. This sharp rise in home sales highlights the strong demand for living in the GTA and underscores the long-term value of real estate investments in the area.

🔮 Market Outlook

Given that average home prices are up only marginally by +1.1% year-over-year, this is an outstanding opportunity for buyers to secure a property at an attractive price before further mortgage rate cuts drive up home sales and home prices. By taking advantage of today’s decreasing variable mortgage rates, you can position yourself for substantial mid- to long-term gains in the real estate market. We are currently in an excellent buyer’s market, particularly for condos. Don’t miss this chance! Those who choose to wait may look back 1-2 years from now and wish they had seized the opportunity to buy in today’s market.