Welcome back to our monthly real estate market update, where we cover the latest insights for the Greater Toronto Area (GTA) and Durham Region. In October 2024, the market saw a noticeable increase in sales activity, supported by ongoing interest rate cuts and improving affordability. Here’s a breakdown of the key trends in both the GTA and Durham Region.
GTA Market Insights:
Sales Activity: GTA home sales rose by 44.4% year-over-year, reaching 6,658 transactions compared to 4,611 in October 2023. New listings saw a modest 4.3% increase year-over-year, totaling 15,328 properties. The higher sales volume compared to new listings indicates a tightening market.
Home Prices: The average selling price across the GTA increased slightly by 1.1% year-over-year to $1,135,215, up from $1,122,874. Seasonally adjusted data shows a small monthly price increase from September. The MLS® Home Price Index Composite benchmark declined by 3.3% year-over-year, mainly affecting the condo and townhouse segments.
Market Outlook: With interest rates easing, buyer confidence is growing, especially among first-time buyers. TRREB expects further rate cuts to continue boosting sales, with affordability improvements driving more activity in the coming months.
Durham Region Insights:
Durham continues to be a top choice for buyers seeking value outside the GTA core, offering a range of attractive options across its communities.
Average Sale Price: The average sale price in Durham dipped slightly by 0.62% to $888,914 from $894,499 in September. Despite this small decline, the region remains competitive for buyers.
Days on Market (DOM): Homes in Durham spent an average of 23 days on the market in October, a slight increase from 22 days in September, indicating a steady pace of sales.
Sales and New Listings: There were 888 homes sold in Durham in October, marking a significant 32.14% increase from September. New listings totaled 1,766, reflecting a 10.08% decrease from the previous month, which has tightened inventory levels.
Durham Region Breakdown by Area:
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Oshawa: Average sale price of $775,011, with 235 sales and 479 new listings.
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Whitby: Average sale price of $967,363, with 168 sales and 354 new listings.
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Ajax: Average sale price of $936,566, with 109 sales and 227 new listings.
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Pickering: Average sale price of $1,012,060, with 146 sales and 306 new listings.
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Clarington: Average sale price of $859,463, with 156 sales and 259 new listings.
Whitby continues to lead in average sale price, while Oshawa and Clarington remain appealing for buyers seeking more affordable options in the region.
Looking Ahead: Market Predictions for the GTA and Durham Region
With borrowing costs easing and demand picking up, the market is expected to remain active through the coming months. While prices may stay relatively stable in the short term, a more pronounced growth trend is anticipated as we move into 2025. For buyers and investors, the current market provides an excellent opportunity to secure properties before further price increases.
Conclusion:
Whether you’re buying, selling, or investing, staying informed on market trends is essential. As affordability improves and market conditions evolve, the GTA and Durham Region continue to offer promising opportunities. Stay tuned for our next monthly update to keep up with the latest real estate trends.
Stats provided by TRREB & Independent Reporting Company RE Stats Inc. Information is deemed reliable but not guaranteed and may vary by 2.5%
Posted by Dan Plowman on
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