In October 2024, the Toronto housing market is showing mixed trends, with some price moderation and signs of a buyer-friendly environment. Here are the key developments effecting the house values in Toronto:

1. Prices and Market Conditions:

•In September 2024, the average home price in Toronto was around $1,113,671, a modest decline of 0.5% year-over-year but an 8.2% jump from the previous month. This monthly increase suggests short-term volatility in prices, partly influenced by interest rate changes.

•Despite recent rate cuts by the Bank of Canada, the market remains somewhat cautious, with buyers waiting for further reductions, creating a stalemate with sellers reluctant to adjust prices significantly.

2. Sales and Inventory:

The number of home sales in Toronto grew by 5.2% month-over-month in September, with increased buyer activity compared to the previous year.

There has been a notable increase in new listings, improving supply and providing more options for buyers. The sales-to-new-listings ratio (SNLR) remains at around 40%, indicating a buyer’s market, which gives buyers greater negotiation power.

3. Market Outlook:

•The elevated inventory levels are expected to continue influencing market behaviour, and experts predict that further interest rate reductions could lead to increased market activity later in the fall. This could result in improved affordability for first-time buyers and increased competition among sellers.

4. Property Types:

•Condo prices rose slightly by 1.2% from the previous month to $682,543, though they remain 3.5% lower than the same period last year. Detached homes, meanwhile, saw minimal price fluctuations, reflecting broader uncertainty in the market.

Overall, while the Toronto market is still in transition, recent trends suggest a window of opportunity for buyers as prices adjust and sellers face more competitive conditions.

Follow the following simple steps to order your Free Online Home Evaluation Report:

Toronto consists of 4 main sections, each spanning multiple districts and neighbourhoods: Old Toronto (a.k.a. Downtown Core), Etobicoke, North York, and Scarborough. Toronto’s home resale market has considerably increased over the last year. Due to a lack of supply, the prices of Detached and Semi-Detached homes have surged to a point where it has become hard for first-time buyers to afford it. The first-time buyers are opting to go for condos since that is the only option left for them to venture into the real estate market.