In September 2024, Greater Toronto Area (GTA) home sales increased by 8.5% year-over-year as buyers began benefiting from lower interest rates and reduced home prices. TRREB President Jennifer Pearce noted that these conditions, along with updated mortgage lending guidelines, are enabling more GTA households, including first-time buyers, to invest in homeownership. There were 18,089 new listings, a 10.5% increase from the previous year. Although the MLS® Home Price Index dropped by 4.6%, the average selling price only decreased by 1% to $1,107,291.
TRREB analysts attributed the increase in sales and new listings to a more balanced market, giving buyers greater negotiating power and leading to price declines in affordable segments like condos and townhouses. TRREB welcomed changes to mortgage rules, such as longer amortization periods and the ability to insure mortgages for homes over $1 million, which are expected to make homeownership more flexible and affordable.
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