The Richards Group Market Report - November 2024

MARKET REPORT OCTOBER 2024

The Toronto market is buzzing, and October’s stats are proof that things are picking up!

Buyers are getting back in the game, thanks to falling interest rates and better borrowing conditions. Meanwhile, sellers are seeing renewed interest in their properties. Let’s break it all down for you.

The Sales & Listings Rundown Sales Are Up: October saw 6,658 homes sold across the GTA—a massive 44.4% jump compared to last year! Buyers are feeling the relief from lower interest rates, and it’s showing in the numbers. But don’t get too excited just yet—we’re still not back to the prepandemic frenzy.

More Homes, More Choices: New listings climbed 4.3% year-over-year, giving buyers a bit more breathing room. With 15,328 homes hitting the market, there’s finally some variety to choose from. If you’ve been waiting for “the one,” now’s your time.

Let’s Talk Prices Detached Homes: The average price in Toronto (416) rose 4.4% to $1.78 million—so, yes, detached homes are still a hot ticket in the city. Out in the suburbs, prices softened a bit, making it a solid moment to snag a deal for those craving more space.

Condos: Condos are where it’s at for first-time buyers or anyone looking for a deal. Prices in Toronto edged down to $721,366, with plenty of inventory (8,774 units!) to choose from.

It’s a buyer’s market here, and you’ve got the power to negotiate.

What’s Driving the Market?

The short answer: interest rates. The Bank of Canada’s rate cuts this year—including a 50% cut in October —have made mortgages a bit more affordable. Buyers are gaining confidence, and upcoming rule changes (hello, longer amortizations and higher insured mortgage caps!) will only fuel this trend.

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MARKET REPORT: OCTOBER

What’s Really Going On in Toronto Real Estate?

MARKET REPORT: OCTOBER Neighborhood Spotlight Central Toronto: This area is stealing the show! Detached homes are flying off the shelves, with sales up 10%, and semi-detached homes are even hotter, with a 24% jump in sales and a 7% price bump. Buyers need to act fast—competition is back!

West Toronto: Semi-detached homes saw a solid 9% rise in sales, but here’s the kicker —prices for detached homes dipped. It’s a golden opportunity for buyers to grab a home in this coveted area without breaking the bank. Condos are also shining, with an 11% sales boost.

Looking Ahead: What’s Next for 2024?

All signs point to steady growth, not the wild swings we saw during the pandemic.

With more rate cuts expected, buyers have the upper hand for now—more inventory, better rates, and time to choose wisely. Sellers, on the other hand, need to bring their A-game. The competition is heating up, so presentation and pricing are key to standing out.

The Bottom Line: Is Now the Time?

The GTA real estate market is ripe with opportunity, whether you’re looking to buy your first home, upsize, or even sell strategically. Buyers have more choice, better rates, and time to make informed decisions. Sellers are benefiting from increased demand but need to stay sharp in a more competitive landscape.

Not sure how to get started? That’s why we’re here. At The Richards Group, we specialize in making your real estate journey smooth, strategic, and (dare we say?) enjoyable.

Ready to make your move? Give us a shout for a personalized market analysis. Let’s turn your real estate goals into a done deal!

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MARKET REPORT: OCTOBER

MONTHLY RECAP SALES ALL HOME TYPES - GTA NUMBER OF SALES

2024

2023

10000

8000 6,658 7,114 5,607

6000

7,013

6,560 6,213

5,391 4,996

4,223

4,975

4000

2000

0

Jan

Feb

March

April

May

June

July

Aug

Sept

Oct

Nov

Dec

OCTOBER # of Sales

6,658

% Change M.O.M

33.27%

% Change Y.O.Y

44.4%

YTD Sales

58,435

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October’s GTA real estate market shows a sharp rebound, as reflected in the graph's upward trend for 2024 sales. The steady climb from September highlights growing buyer confidence and a return to more active market conditions.

Compared to 2023, this October paints a brighter picture, signaling a shift toward stability and measured optimism.

The numbers speak to a market balancing opportunity and strategy as the year progresses.

MARKET REPORT: OCTOBER

MONTHLY RECAP PRICE ALL HOME TYPES - GTA AVERAGE PRICE

2024

2023

1200000 $1,135.215

1000000

800000

600000

400000

200000

0

Jan

Feb

March

April

OCTOBER Average Price

$1,135.215

% Change M.O.M

2.52%

% Change Y.O.Y

1.1%

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May

June

July

Aug

Sept

Oct

Nov

Dec

October’s average home prices in the GTA reflect a market finding its footing. The graph illustrates a steady and measured trend in 2024, with prices maintaining stability compared to 2023. This consistency suggests that both buyers and sellers are adjusting to current conditions, prioritizing thoughtful decisions over reactive moves. While slight monthly and yearly shifts are evident, the overall picture remains one of balance and resilience as the market moves toward year-end.

MARKET REPORT: OCTOBER

MONTHLY RECAP LISTINGS & INVENTORY ALL HOME TYPES - GTA NEW LISTINGS 2024

2023

20000

OCTOBER 15000

15,328

10000

New Listings

15,328

% Change Y.O.Y

4.3%

5000

0

Jan

Feb

March

April

May

June

July

Aug

Sept

Oct

Nov

Dec

ALL HOME TYPES - GTA ACTIVE INVENTORY 2024

2023

30000

OCTOBER

25000

22,481 20000

Active Listings

24,481

% Change Y.O.Y

25.3%

15000

10000

5000

0

Jan

Feb

March

April

May

June

July

Aug

Sept

Oct

Nov

Dec

October’s listings and inventory in the GTA highlight a market with growing opportunities for buyers. The rise in new and active listings, as seen in the graphs, offers buyers more choices and breathing room. This increased variety reflects a market that is moving toward balance, giving participants the time and options to navigate their decisions strategically. Sellers, on the other hand, are facing a more competitive landscape, making pricing and presentation more crucial than ever. It’s a dynamic environment where both sides are adapting to evolving conditions.

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MARKET REPORT: OCTOBER

REGIONAL RECAP 416 & EAST END ALL HOME TYPES - 416 SEPTEMBER

#of Sales

Home Type

Average Price

Sales

Y.O.Y

Average Price

Y.O.Y

Detached

838

44.2%

$1,778,885

4.4%

Semi-Detached

263

36.3%

$1,315,547

3.3%

Townhome

224 1,162

40% 32.9%

$1,032,959 $721,366

1.3% -1.0%

Condo

The 416 market is buzzing with activity, showcasing strong demand across all home types.

Detached homes continue to attract significant attention, while semi-detached and townhomes are holding their ground as solid choices for buyers seeking space in the city.

Condos remain a popular option, offering accessibility and variety for first-time buyers and downsizers alike. This diverse landscape highlights a thriving urban market where buyers and sellers alike are adapting to changing dynamics.

ALL HOME TYPES - EAST END* SEPTEMBER

#of Sales

Home Type

Average Price

Sales

Y.O.Y

Average Price

Y.O.Y

Detached

34

Semi-Detached

24

−2.8% 20%

$1,910,051 $1,341,886

Townhome

9 37

28% 68%

$1,248,862 $717,074

6.9% 5.6% 10.9% 11.8%

Condo

The East End offers a more nuanced picture, with detached home sales cooling slightly while prices hold strong. Semi-detached and townhomes show resilience, appealing to buyers seeking value in a competitive market. Condos are the standout here, with sharp increases in sales reflecting growing demand for accessible and well-priced options. The East End is emerging as a dynamic and attractive area for buyers looking for a mix of affordability and opportunity.

Follow us on Instagram @richardsgroupremax for more market updates and insights!

Page 4 - 7 stats based on TRREB 2023 & 2024 WWW.THERICHARDSGROUP.CA

*Based on TRREB E01 and E02 data combined.

We’re here to guide you Strategic design, complete project management, intelligent marketing, massive networking, and skilled negotiation by the #1 Real Estate Team in East Toronto.**

Have questions or ready to make a move? Get in touch at info@therichardsgroup.ca or 416.699.0303. We’re here to help you achieve your real estate goals.

RE/MAX Hallmark Richards Group Realty Ltd. 1945 Queen St. East, Toronto, ON M4L 1H7 **Based on redatum stats for number of transactions for 2023 E01 & E02 combined

Not intended to solicit buyers or sellers currently under contract with a brokerage. Not intended to solicit properties currently for sale.

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MARKET REPORT: SEPTEMBER

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