October 2024 GTA Market Report

As we dive into the final quarter of 2024, it’s time to look at the latest real estate trends across the Greater Toronto Area (GTA)! 📊 Whether you're a buyer, seller, or investor, staying informed about market shifts is key. Here’s a breakdown of October’s data and what it might mean for you.

🌟 Market Highlights 🌟

1. Average Property Price:
   🏠 $1,135,215 - up by 1.1% from last October
   The average property in the GTA has seen a slight increase, showing resilience in the market as demand continues.

2. Average Detached Property Price:
   🏡 $1,462,838 - up by 1.2% year-over-year
   Detached properties remain highly desirable, with a modest rise in prices.

3. Average Condo Price:
   🏙️ $694,038 - down by 2.0% from last October
   Condo prices have dipped slightly, which could present opportunities for buyers looking to enter the market.

4. Days on Market:
   ⏳ Properties are selling in an average of 27 days — 6 days longer than October 2023
   Buyers are taking a bit more time to decide, which might be due to the current inventory and pricing conditions.

5. Sales Volume:
   📈 58,435 sales year-to-date, a 0.1% increase
   The volume of sales is holding steady, indicating a balanced level of activity in the market.

6. Months of Inventory:
   🗓️ 3.68 months
   The market has a moderate amount of inventory, providing more options for buyers compared to earlier this year.

📊 Condo Corner

• Average Sale Price: 🏢 $694,038 - down 2.1%
• Total Condo Sales: 1,722 condos sold in October - an increase of 32.9%

The condo market is dynamic, with more sales compared to last year. This could be due to the relatively affordable prices compared to detached homes.

💡 What Does This Mean for You?

• For Buyers: The market is giving you a bit more time to make decisions, especially with properties taking longer to sell. With stable prices and more inventory, now might be a great time to explore options, particularly in the condo segment where prices have softened.

• For Sellers: Properties are still moving, but a strategic approach is key. With average days on market increasing, ensuring your property stands out is more important than ever. Pricing right and highlighting the unique features of your home can make a big difference!

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