Mr. Real Estate Toronto Market Update

Contact Donald Bilodeau, Realtor with Sutton Group-Associates Realty Inc., in Yorkville area of Toronto, Ontario

Top 4 Highlights from Toronto’s Real Estate Activity in October 2024

1. New listings rose this month to 15,328, up 4.4% from October 2023

2. Currently there are 24,481 active listings in Toronto, an increase of 25.3% from the same time last year.

3. Listings are lasting 27 days on the market, an increase of 28.6% over October 2023.

4. The MLS® Home Price Index Composite benchmark was down by 3.3 per cent year-over year in October 2024. The average selling price was up by 1.1 per cent compared to October 2023 to $1,135,215. On a seasonally adjusted basis, the average selling price edged up compared to September.

The Product Breakdown by AREA CODE reveals more insights!

In the 416

• Average Price for Detached Homes increased YOY by +4.4%, currently $1,778,855

• Average Price for Semi-detached homes increased by +3.3%, currently $1,315,547

• Average Price for Townhomes increased by +1.3%, currently $1,032,959

• Average Price for Condo apartments fell -1.0%, currently $721,366

In the 905

• Average Price for Detached Homes dropped by -0.1%, currently $1,347,747

• Average Price for Semi-detached homes decreased by -0.4%, currently $952,256

• Average Price for Townhomes dropped by -1.4%, currently $892,106

• Average Price for Condo apartments fell -4.3%, currently $637,332

"The Monthly Comparison from September to October 2024 signals that the market tightened in October with plenty of inventory and choice for buyers. However, as inventory is absorbed and home construction continues to lag population growth, selling price growth will accelerate, likely as we move through the spring of 2025,” said TRREB Chief Market Analyst Jason Mercer.

1. October sales increased month over month compared to September.

2. Average home price increased by $11,825 YOY.

3. New listings increased slightly by 628 YOY.

4. Average days on market remains at 27.

   
   

What does this mean for Sellers and Buyers?

In a balanced market as we are in at the moment, sellers and buyers benefit equally. But, as we know, market conditions fluctuate. Several factors contribute such as Toronto's employment growth (up 2%), Toronto's unemployment rate (steady at 8%), the national inflation rate (down to 1.6%), and the Bank of Canada rate (down 0.5% to 3.75%).  The next interest rate announcement is expected on Wednesday, December 11, 2024.

Buyers are wise to start their home buying journey now and ramp up before the holiday season begins. During the slower winter market, buyers have more bargaining power as fewer sales occur during the season.

• Get your mortgage pre-approval today and have your deposit ready to make an offer.

Meet Donald Bilodeau, Mr. Real Estate Toronto. Donald is fluently bilingual in French and English, enjoys working with sellers and buyers, and interior design and space planning.

Working with Donald

Donald's real estate practice began in 2013, buying, selling and leasing residential and commercial properties across the Greater Toronto Area and the province of Ontario. Working closely with buyers, sellers, and landlords, Donald combines a decade+ of experience, attention to detail, fully bilingual service, and strategy, with a sunny, practical disposition. Clients respond very positively to his full-service approach to real estate transactions, where his clients' satisfaction matters most.

Call or Text Donald Bilodeau, Mr. Real Estate Toronto, at 416-476-3554 or send me an email at donald@donaldbilodeau.com. I want to work with you!

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