In September 2024, the average price for homes in the GTA was $1.107M, showing a 1.0% decrease compared to September 2023 and a 3.1% increase from August 2024. The number of homes sold in September 2024 was 4,996, representing an 8.5% increase from September 2023 and a slight 0.4% rise from August 2024.
Detached and semi-detached homes saw steady sales growth with stable prices, while townhouse and condo sales volume dipped slightly from the previous month. Both segments experienced modest price increases, indicating improving demand for select units despite some volume declines.
Recent interest rate cuts and changes to mortgage rules seem to have improved affordability, helping stabilize the market. Buyers may have benefitted from lower borrowing costs, particularly in more affordable segments like semi-detached homes, while overall price stabilization suggested increased buyer confidence.