{"id":566,"date":"2024-10-08T20:35:06","date_gmt":"2024-10-08T20:35:06","guid":{"rendered":"https:\/\/www.themillsteam.ca\/blog\/?p=566"},"modified":"2024-10-08T20:35:06","modified_gmt":"2024-10-08T20:35:06","slug":"september-2024-market-stats","status":"publish","type":"post","link":"https:\/\/www.themillsteam.ca\/blog\/september-2024-market-stats\/","title":{"rendered":"September 2024 Market Stats"},"content":{"rendered":"

TORONTO, ONTARIO, October 3, 2024 \u2013 Greater Toronto Area (GTA) home sales increased year-overyear in September. Buyers were starting to take advantage of more affordable market conditions brought about by interest rate cuts and lower home prices. \u201cAs buyers take advantage of changes to mortgage lending guidelines and borrowing costs trend lower, home sales will steadily increase in relation to population growth. With every rate cut, a growing number of GTA households will afford a long-term investment in home ownership, including first-time buyers,\u201d said Toronto Regional Real Estate Board (TRREB) President Jennifer Pearce.<\/p>\n

\"\" GTA REALTORS\u00ae reported 4,996 home sales through TRREB\u2019s MLS\u00ae System in September 2024 \u2013 up by 8.5 per cent compared to 4,606 sales reported in September 2023. New listings entered into the MLS\u00ae System amounted to 18,089 \u2013 up by an even greater 10.5 per cent year-over-year. On a seasonally adjusted basis, September sales increased on a monthly basis compared to August, along with new listings. The MLS\u00ae Home Price Index Composite benchmark was down by 4.6 per cent year-over-year in September 2024. The average selling price, at $1,107,291 was down by a lesser one per cent compared to the September 2023 average of $1,118,215. On a seasonally adjusted basis, the average selling price edged up slightly compared to August.<\/p>\n

\"\"<\/p>\n

\u201cThe annual improvement in September home sales was more than matched by the increase in new listings over the same period. This resulted in a better-supplied market and increased negotiating power for buyers re-entering the market. The ability to negotiate on price, led to moderate year-over-year price declines, particularly in the more affordable condo apartment and townhouse segments, which are popular with firsttime buyers,\u201d said TRREB Chief Market Analyst Jason Mercer. \u201cWe are pleased with the positive changes to mortgage lending guidelines announced over the past month. The ability for existing mortgage holders to shop around for the best rate without facing the stress test will result in more affordable renewals. Longer amortization periods and the ability to insure mortgages for purchases over $1 million dollars will give home buyers more options as the GTA housing market recovers. TRREB has long been calling for these changes to give buyers more flexibility as they navigate their home buying journey,\u201d said TRREB CEO John DiMichele.<\/p>\n","protected":false},"excerpt":{"rendered":"

TORONTO, ONTARIO, October 3, 2024 \u2013 Greater Toronto Area (GTA) home sales increased year-overyear in September. 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