GTA REALTOR® Releases October 2024 Market Stats A quick overview of the real estate market in numbers
TORONTO, ONTARIO — November 6, 2024: Sales: Home sales in the Greater Toronto Area (GTA) rose sharply in October, increasing by 44.4% year-over-year to 6,658 transactions. Sales were also up compared to September.
New Listings: The number of new listings grew by 4.3%, reaching 15,328, compared to October 2023.
Average Price: The average selling price increased by 1.1% year-over-year to $1,135,215. A slight price increase was also seen compared to September.
Market Insights: TRREB's Chief Analyst Jason Mercer noted that while high inventory levels currently moderate price growth, this may shift by spring 2025 as demand builds.
Policy Support: TRREB CEO John DiMichele expressed support for the Conservative Party's proposal to remove the GST on homes under $1 million, suggesting a phased tax reduction up to $1.5 million to enhance affordability.