SEPTEMBER 2024 UPDATE: THE GTA & DURHAM REGION REAL ESTATE MARKET

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 September 2024, the market saw a noticeable increase in sales activity, driven by recent interest rate cuts and improved 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 8.5% year-over-year, reaching 4,996 transactions compared to 4,606 in September 2023. Additionally, new listings increased by 10.5%, totaling 18,089 properties. The rise in listings has created more options for buyers, helping keep price shifts moderate and promoting a better-supplied market.

• Home Prices: The average selling price across the GTA dipped slightly by 1% year-over-year to $1,107,291 from $1,118,215. Seasonally adjusted data indicates a small monthly price increase from August. The MLS® Home Price Index Composite benchmark declined by 4.6% year-over-year, with the decrease primarily seen in the more affordable condo and townhouse segments.

• Market Outlook: As lending conditions improve, buyer confidence grows, particularly among first-time homebuyers who are now more able to enter the market. TRREB anticipates that additional rate cuts will further boost sales in the coming months, with the condo segment expected to be particularly active as affordability increases.

Durham Region Insights: Durham remains a desirable option for buyers looking beyond the GTA core, offering excellent value across its various communities.

• Average Sale Price: The average sale price in Durham reached $894,499 in September, representing a 1.49% decrease from the previous month’s average of $907,997. While prices have softened slightly, Durham continues to attract buyers with its range of affordable options.

• Days on Market (DOM): Homes in Durham spent an average of 22 days on the market, slightly down from 23 days in August, reflecting steady buyer interest.

• Sales and New Listings: There were 672 homes sold in Durham in September, with 1,964 new listings—a 22.37% increase from the previous month—indicating a solid inventory boost that allows more options for prospective buyers.

Durham Region Breakdown by Area:

• Oshawa: Average sale price of $780,061, with 184 sales and 542 new listings.
• Whitby: Average sale price of $986,560, with 123 sales and 367 new listings.
• Ajax: Average sale price of $909,022, with 90 sales and 236 new listings.
• Pickering: Average sale price of $995,768, with 86 sales and 316 new listings.
• Clarington: Average sale price of $857,013, with 131 sales and 311 new listings.

Whitby continues to lead in average sale price, while Oshawa and Clarington offer more accessible options for buyers, maintaining their appeal as entry points in the region.

Looking Ahead: Market Predictions for the GTA and Durham Region With borrowing costs easing, we anticipate a steady increase in buyer activity, especially among first-time homebuyers. Although prices may remain stable in the short term, demand is expected to pick up, potentially contributing to price growth in 2025. As infrastructure projects like the Crosstown LRT progress, demand in these areas is likely to rise further, enhancing their attractiveness for homebuyers.

Conclusion: Whether you’re buying, selling, or investing, staying informed on market trends is essential. As market conditions evolve and affordability improves, the GTA and Durham Region continue to show promise. Stay tuned for our next monthly update to stay ahead of 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%.