Home sales in the Greater Toronto Area (GTA) shot up in October while new listings and home prices were up by relatively mild levels.
A total of 6,658 home sales were recorded through the Toronto Regional Real Estate Board’s (TRREB) MLS System in October, a 44.4% spike from the 4,611 sales reported one year earlier.
New listings entered into the MLS System last month amounted to 15,328, a 4.3% year-over-year increase. On a seasonally adjusted basis, October sales increased month-over-month compared to September.
The average selling price inched up by 1.1% year-over-year to $1.134 million.
“Market conditions did tighten in October, but there is still a lot of inventory and therefore choice for homebuyers,” said TRREB Chief Market Analyst Jason Mercer. “This choice will keep home price growth moderate over the next few months. 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.”
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