As we transition into fall, the Greater Toronto Area (GTA) real estate market has shown notable changes. The data for September 2024 provides a comprehensive look at market activity compared to both the previous month (August 2024) and last year (September 2023). Let’s dive into the key figures and what they mean for you:

Average Selling Price

• $1,107,291
  • This is a 1% decrease from September 2023 ($1,118,215) but a 3.1% increase from August 2024 ($1,074,425), showing month-over-month price growth as the market steadies.

Home Sales

• 4,996 units sold
  • This represents an 8.5% increase compared to September 2023 (4,606 units sold) and a 0.4% increase from August 2024 (4,975 units sold), reflecting continued strong demand.

New Listings

• 18,089 new listings
  • A 10.5% increase compared to September 2023 (16,377 new listings) and a 44.2% increase from August 2024 (12,547 new listings), signaling a significant surge in seller activity as fall begins.

Sales-to-New-Listings Ratio

• 28% for September 2024
  • This is the same as September 2023 but a decrease from August 2024’s 40%, indicating that while more listings are entering the market, the sales pace has not kept up with the increased supply.

Detailed Property Type Prices

• Detached: $1,423,056 (up from $1,414,070 in August)
• Semi-Detached: $1,090,749 (up from $1,026,435 in August)
• Townhouse: $904,200 (up from $891,892 in August)
• Condo: $682,543 (up from $674,706 in August)

Trends and Insights

• Price Growth Month-over-Month: While prices have dipped slightly year-over-year, there is notable growth from last month across all property types, signaling resilience in the market.
• Steady Sales Growth: The increase in home sales from both August and September last year suggests buyer confidence remains strong, particularly in detached homes and condos.
• Rising Inventory: The sharp rise in new listings, especially compared to August, is giving buyers more options and contributing to a more balanced market.
• Sales Lagging Behind New Listings: The drop in the sales-to-new-listings ratio shows that while listings have surged, the pace of sales hasn’t fully matched, suggesting buyers might have more negotiating power.

Market Analysis

The September 2024 market shows signs of stabilization, with month-over-month price growth and steady sales activity. The increase in new listings provides more choices for buyers, while sellers need to adjust to a more competitive market. As we move deeper into the fall season, staying informed is key to making smart real estate decisions.

For a full breakdown of the stats and what they mean for you, visit our market update page.