Home sales in the GTA have increased by almost 50 per cent compared to last year

As 2024 nears its end, real estate numbers across the GTA appear to have stabilized, with home sales drastically increasing.

A report from the Toronto Regional Real Estate Board (TRREB) indicated that, on a year-by-year basis, last October’s numbers for home sales saw a substantial increase compared to October of 2023.

According to TRREB’s numbers, two major variables caused this shift in the market, including tighter market conditions (compared to 2023) and amarginal increase in the average selling price of homes in cities like Toronto, Mississauga, Brampton and Hamilton.

“It definitely does appear that an increasing number of buyers moved off the sidelines and back into the marketplace in October. The positive affordability picture brought about by lower borrowing costs and relatively flat home prices, prompted this improvement in market activity,” said TRREB President Jennifer Pearce in an official statement.

When it comes to just how different this past October’s numbers were to last year, TRREB’s internal data combined with information provided by the GTA Realtors Group showed a massive 44 per cent increase in sales across the board in the GTA.

As a byproduct of these promising numbers, organizations like the TRREB are banking on political maneuvers to help improve market conditions further.

“Policymakers can further improve affordability by reducing taxes on home buyers. TRREB supports the Conservative Party of Canada’s pledge to remove the GST from the purchase of new homes sold for under $1 million as this is an encouraging step towards giving new home buyers desperately needed relief,” said TRREB CEO John DiMichele in an official statement.

For more information on real estate conditions in the GTA, see TRREB’s full report by visiting their official website.