Market Report - September 2024

MARKET REPORT SEPTEMBER 2024

The Toronto market is coming back to life, and September’s numbers show it! We’re talking a solid 8.5% increase in sales compared to last year. Buyers are starting to take advantage of the lower interest rates, and we’re here to break it all down for you.

Sales & Listings: The Big Picture Sales Are Up: September saw nearly 5,000 homes sold, a clear sign that buyers are feeling the relief from recent rate cuts. While sales are growing, they’re still not back to prepandemic levels, so there’s room for improvement.

More Homes to Choose From: With new listings up 10.5% from last year, buyers finally have more options! If you’ve been feeling the pressure to make a quick decision, now’s your chance to take your time and find the one.

Prices: What’s Happening on the Ground Detached Homes: The average price for a detached home in Toronto hit $1.68 million, while in the suburbs (905), they’re around $1.33 million. Prices have dipped slightly, but demand remains strong for buyers looking for more space.

Condo Market: If you’re in the market for a condo, great news! Prices are down 4% compared to last year, and with almost 9,000 condos available, there’s plenty of room to negotiate. It’s a buyer’s market for condos right now, especially for first-time buyers!

What’s Fueling These Changes?

Let’s talk interest rates. The Bank of Canada has cut rates three times this year, and just recently delivered a jumbo 50-basis-point cut. This aggressive move brought inflation back to target levels and is making homeownership more accessible. Lower borrowing costs mean more financial flexibility for buyers, and that’s great news for anyone looking to enter the market.

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MARKET REPORT: SEPTEMBER

What’s Really Going On in the GTA:

What to Expect for the Rest of 2024 With even more rate cuts expected before the end of the year, the market should continue its steady recovery. But don’t expect the wild swings we saw during the pandemic boom—this rebound will be more gradual. The good news? Buyers still have the upper hand, with more inventory on the market and lower rates giving them more control.

For sellers, this means it’s time to get strategic. The competition is heating up, and you’ll need to stand out to attract those buyers ready to make a move.

Bottom Line: Should You Jump In? The Toronto real estate market is shifting, and whether you’re buying or selling, it’s all about making smart, well-timed decisions. With more inventory and lower rates, it’s an exciting time to get involved. Not sure where to start? That’s where we come in! The Richards Group is here to help you navigate this evolving market with confidence.

Ready to make a move? Contact us for a personalized market analysis tailored to your needs, whether buying or selling.

The Richards Group

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MARKET REPORT: SEPTEMBER

And there’s more on the horizon—new mortgage rules taking effect in December will let first-time buyers stretch payments over 30 years and increase the insured mortgage cap to $1.5 million. This is a game-changer for buyers in a city where prices are usually sky-high.

MARKET REPORT: SEPTEMBER

MONTHLY RECAP SALES ALL HOME TYPES - GTA NUMBER OF SALES

2024

2023

6,213

5,391

10000

8000

7,114 5,607

6000

7,013

6,560 4,996

4,223

4,975

4000

2000

0

Jan

Feb

March

April

May

June

July

Aug

Sept

Oct

Nov

Dec

SEPTEMBER # of Sales

4,996

% Change M.O.M

0.4%

% Change Y.O.Y

8.5%

YTD Sales

51,828

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September’s sales numbers tell a story of strategy and patience in the GTA market. With nearly 5,000 homes sold, buyers are not rushing in but instead taking advantage of the increased inventory and favorable interest rates. The gradual recovery in sales shows that the market isn’t in a frenzy—buyers are thinking more carefully, exploring their options, and making well-timed decisions.

MARKET REPORT: SEPTEMBER

MONTHLY RECAP PRICE ALL HOME TYPES - GTA AVERAGE PRICE

2024

2023

1200000

$1,107,291

1000000

800000

600000

400000

200000

0

Jan

Feb

March

April

SEPTEMBER Average Price

$1,107.291

% Change M.O.M

3%

% Change Y.O.Y

-1.0%

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May

June

July

Aug

Sept

Oct

Nov

Dec

Looking at the price trends through 2024, we see a market that’s offering consistency without the dramatic fluctuations seen in past years. In September, the average home price sits just over $1.1 million, a slight 1% dip compared to last year, but a healthy 3% rise from the previous month. This stable pricing environment means that buyers have more breathing room to explore their options without feeling rushed. Sellers still have strong demand on their side, but the balance is shifting toward giving buyers more time and choice

MARKET REPORT: SEPTEMBER

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

2023

20000

SEPTEMBER

18,089 15000

10000

New Listings

18,089

% Change Y.O.Y

10.5%

5000

0

Jan

Feb

March

April

May

June

July

Aug

Sept

Oct

Nov

Dec

ALL HOME TYPES - GTA ACTIVE INVENTORY 2024

2023

30000

25000

SEPTEMBER

25,612

20000

Active Listings

25,612

% Change Y.O.Y

35.5%

15000

10000

5000

0

Jan

Feb

March

April

May

June

July

Aug

Sept

Oct

Nov

Dec

September’s market saw a significant boost in new listings, with over 18,000 homes added—up 10.5% from last year. Even more striking is the jump in active inventory, up by a notable 35.5%. This surge suggests that homeowners are taking advantage of stable prices and listing their properties at a time when buyers have the flexibility to explore their options. The increasing supply could also signal a shift toward a more balanced market, giving buyers the chance to negotiate better deals while still ensuring healthy demand for sellers. With more homes on the market, this season might be the ideal time to strike for both sides of the equation.

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MARKET REPORT: SEPTEMBER

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

599

10.1%

$1,685,755

-2.4%

Semi-Detached

180

13.2%

$1,299,324

1.3%

Townhome

158 864

-8.7% 2.2%

$978,343 $707,917

-1.7% -3.5%

Condo

The 416 area is seeing strong demand for detached and semi-detached homes, with sales up 10.1% and 13.2% year-over-year. While detached home prices dipped by 2.4%, semi-detached prices rose slightly by 1.3%. Condos remain a great option for first-time buyers, with softening prices providing more flexibility.

ALL HOME TYPES - EAST END* SEPTEMBER

#of Sales

Home Type

Average Price

Sales

Y.O.Y

Average Price

Y.O.Y

Detached

25

Semi-Detached

33

13.6% 32%

$1,841,967 $1,347,868

Townhome

4 22

-50% -12%

$1,225,000 $840,423

10.7% 3.6% 2.1% -2.1%

Condo

The East End is hot for detached and semi-detached homes, with sales surging 13.6% and 32% year-over-year. Detached home prices jumped 10.7%, reflecting strong demand. Townhomes are quieter, but condos remain a solid choice for those seeking a relaxed, city-adjacent vibe.

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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