October 2024 Market Update: Insights for the GTA Real Estate Market
The fall real estate market is fully underway, and while properties are moving, the pace is slower than in previous years. Buyers are being more selective with the wealth of available listings, while sellers remain firm on their pricing, creating a bit of a stalemate. Neither side is rushing to make the first move, especially with the current interest rate environment slowing things down.
However, there's an exception: detached homes priced between $1.2 million and $1.5 million are experiencing heightened activity. This segment is seeing multiple offers, bidding wars, and even bully offers, reminiscent of the more aggressive market conditions of 2021. Recent changes to mortgage rules seem to have triggered this burst of demand, bringing sidelined buyers back into the market, particularly for these high-demand homes.
Despite elevated interest rates and a slower pace overall, this dynamic in the detached home market shows that there are still pockets of strong activity. Sellers in this price range are benefiting from motivated buyers, while other segments are taking a bit longer to attract the right offers. Sellers who aim to stay competitive need to price strategically, and buyers are encouraged to take their time to find the right deal in the broader market.
GTA Market Stats for September 2024
In September, the GTA real estate market displayed resilience, even as the pace of transactions slowed:
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Average sales price: $1,107,291
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Total properties sold: 4,996
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New listings: 18,089
The increase in listings has given buyers more options to choose from, leading to a more balanced market overall. -
Average days on market: 27 days
Homes are taking a bit longer to sell, allowing buyers more time to make informed decisions, but sellers will need to stay competitive with pricing.
Despite higher interest rates, the market continues to provide opportunities for both buyers and sellers, with certain segments, like detached homes, showing particularly strong performance.
Toronto Market Stats for September 2024
Focusing on the Toronto real estate market, the statistics reveal specific trends in different property types:
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Detached Homes:
- Sales: 599
- Average Price: $1,685,755
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Semi-Detached Homes:
- Sales: 180
- Average Price: $1,299,324
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Townhomes:
- Sales: 158
- Average Price: $978,343
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Condos:
- Sales: 864
- Average Price: $707,917
These numbers indicate a mixed performance across different segments, with detached homes commanding the highest prices and showing substantial sales activity. As buyers navigate these trends, staying informed about the specific dynamics within each property type will be crucial for both buyers and sellers.
Working with Gerardi Real Estate
In addition to analyzing these market trends for our clients, it's important to highlight that we at Gerardi Real Estate, led by Valerie and Michael, are dedicated to helping clients navigate the buying and selling of real estate every day. We specialize in listing homes and condos and represent buyers of all budgets, with extensive experience in the Toronto pre-construction market.
If you’re thinking about buying, selling, or investing and want to discuss strategies, pricing, timing, or anything else, simply complete our contact form so we can get in touch right away. We’d be happy to answer any questions you have about the September 2024 Toronto real estate numbers or the market in general.