September Statistics 2024 GTA and Peel

 

Greater Toronto Area (GTA) - September 2024 Stats

Home Prices:

  • Average Selling Price: $1,107,291
  • Price Growth: 2.8% decrease year-over-year
  • Detached Homes: $1,423,056
  • Att/Row/Townhouse: $982,656
  • Condominiums: $750,000

Sales Volume:

  • Total Sales: 4,996 (down 8.5% from last year)
  • New Listings: 18,906 (up 10.5% from last year)

Days on Market (DOM):

  • Average Days on Market: 27 days (up from 35 days last year)

Supply vs. Demand:

  • Increased listings resulted in a better-supplied market and more negotiating power for buyers re-entering the market.
  • Inflation: Down to 2%

Interest Rates:

  • Bank of Canada Overnight Rate: 4.3% for 5-year fixed

Peel Region - September 2024 Stats

Home Prices:

  • Average Selling Price: $1,058,346
  • Detached Homes: $1,317,472
  • Semi-Detached Homes: $960,118
  • Condominiums: $675,000

Sales Volume:

  • Total Sales: 907 (down 8% from last year)
  • New Listings: 3,150 (up 4% from last year)

Days on Market (DOM):

  • Average Days on Market: 26 days (up from 18 days last year)

Supply vs. Demand:

  • Months of Inventory: Balanced market leaning toward buyers (down 10% from last year

 Greater Toronto Area (GTA) home sales increased year-overyear in September. Buyers were starting to take advantage of more affordable market conditions brought about by interest rate cuts and lower home prices.