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September marked a significant milestone for the GTA real estate market. For the third consecutive month, we saw year-over-year growth in home sales, confirming that buyers are steadily returning to the market as they adapt to the current interest rate environment.
📊 The Big Picture: GTA Market Stats
- Average Sold Price: $1,080,734 (Year-Over-Year: Down 3.4%)
- Total Sales: 5,090 (Year-Over-Year: Up 6.5%)
- New Listings: 16,926 (Year-Over-Year: Up 5.3%)
- Days on Market (LRL): 36 Days (Compared to 24 days last year)
🔍 Key Market Trends
1. Sales Momentum is Real This is the third straight month of sales growth compared to last year, with September sales jumping 6.5%. This consistent upward trend suggests that the “wait-and-see” approach is fading. Buyers are taking advantage of lower borrowing costs and improved affordability.
2. Demand is keeping up with Supply While new listings increased by 5.3%, sales growth actually outpaced it at 6.5%. This is a healthy sign. It means that although more sellers are listing their homes, buyer demand is strong enough to absorb this new inventory, preventing a glut.
3. Prices are Finding their Footing Although the average price is down 3.4% compared to last year, on a seasonally adjusted basis, the average price actually edged up month-over-month. This stability indicates we may have found the market floor.
📝 The Bottom Line
- For Buyers: You are in a “sweet spot.” Prices are still down year-over-year, but sales volume is rising. The window of “low competition” is slowly closing as more buyers enter the market.
- For Sellers: Liquidity has returned. With sales up 6.5%, there are active buyers looking for homes right now. If your home is well-presented, the chances of a sale are higher than they were in the spring.
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