Greater Toronto Area (GTA) home sales saw a strong year-over-year increase in October 2024, with new listings also rising, though at a slower rate. This shift led to tighter market conditions compared to October 2023, and the average selling price ticked up slightly.

“While we are still early in the Bank of Canada’s rate-cutting cycle, it appears more buyers are stepping back into the marketplace. The positive affordability created by lower borrowing costs and relatively stable home prices sparked this uptick in activity,” said Toronto Regional Real Estate Board (TRREB) President Jennifer Pearce.

GTA REALTORS® recorded 6,658 home sales through TRREB’s MLS® System in October 2024, marking a 44.4% increase from the 4,611 sales reported in October 2023. New listings reached 15,328, a 4.3% year-over-year increase. On a seasonally adjusted basis, October sales also rose compared to September.

The MLS® Home Price Index Composite benchmark fell 3.3% year-over-year in October 2024, while the average selling price increased by 1.1% to $1,135,215. Seasonally adjusted, the average price also showed a slight rise over September.

“Conditions tightened in October, but there remains considerable inventory, providing choices for buyers. This selection will keep price growth moderate in the coming months. However, as inventory declines and housing construction lags behind population growth, we expect price growth to accelerate, likely by spring 2025,” noted TRREB Chief Market Analyst Jason Mercer.

Policymakers could further enhance affordability by reducing taxes for home buyers. TRREB supports the Conservative Party of Canada’s pledge to remove the GST on new homes under $1 million—a step that would bring essential relief to new buyers. Enhancing this rebate will not only make homes more affordable but also spur construction,” stated TRREB CEO John DiMichele.

“Given that average home prices in high-cost markets like the GTA and Vancouver exceed $1 million, phasing out the rebate between $1 million and $1.5 million, rather than capping it at $1 million, would address this gap. A matching provincial initiative could also support this goal,” DiMichele added.