October Toronto Real Estate Market Stats: 44.4% More Buyers But More Than 24,400 homes still available

Fall has definitely arrived, but with the unusually warm weather, you might not have noticed! In sync with the mild climate, the Greater Toronto Area (GTA) housing market has also been heating up, showing a strong year-over-year increase in home sales. October brought a significant uptick, with 6,658 homes sold through the Toronto Regional Real Estate Board (TRREB) System, marking an impressive 44.4% increase compared to October 2023. The pace of sales also picked up, and with it, the inventory levels for available homes across all property types dropped to 3.5 months, down from just over 5 months. This shift in inventory signals a trending return towards a seller's market, creating a more competitive environment for buyers.

Toronto Real Estate Market Overview: Key Insights

Despite the brisk sales pace, prices have remained relatively steady, with only a modest 1.1% increase over October 2023, bringing the average price to $1,135,215. This minor bump, alongside slightly increased prices from September, suggests that more buyers are moving off the sidelines and stepping into the market. Lower borrowing costs and flat pricing have created a more favourable affordability landscape, enticing buyers to take the leap.

Jason Mercer, TRREB’s Chief Market Analyst, says that:,

Market conditions tightened in October. However, with over 24,400 homes still available, buyers have plenty of choices. This supply is expected to keep home price growth moderate in the coming months. But as this inventory is gradually absorbed, we might see an acceleration in price growth as we move into the spring of 2025.

Condo Market Sees Rebound

The condominium market, too, showed signs of life in October, with sales up by 33% across the GTA compared to October 2023. Despite this increase in sales, condo prices softened slightly, down around 2%. With a wave of new construction units slated for completion over the next few years, condo prices are expected to remain relatively flat, offering a potential opportunity for first-time buyers and investors alike.

GTA Real Estate Insights

The GTA saw a remarkable year-over-year increase in home sales, with 6,658 homes sold in October 2024, marking a 44.4% rise compared to October 2023. Inventory levels dropped to 3.5 months of available homes, down from over 5 months last year, indicating a shift toward a seller’s market. Despite the brisk sales pace, prices stayed stable, with the average sale price inching up 1.1% to $1,135,215. This indicates that buyers are stepping off the sidelines, likely motivated by lower borrowing costs and consistent pricing.

Toronto Real Estate Market Stats

Toronto experienced a similar trend, with 2,509 homes sold in October, a 36.7% increase from the previous year. Active listings grew by 23.4%, reaching 9,756 properties, giving buyers a range of options. The average home price in Toronto rose by 1.0% year-over-year to $1,114,413. Condos saw a surge in sales with a 31.6% increase, while the average condo price held steady at $721,366. With 3.89 months of inventory, Toronto’s market remains relatively balanced but leans slightly in favor of sellers.

Mississauga Real Estate Market Stats

Mississauga saw a smaller but steady increase in activity, with home sales up 0.6% to 577 properties. Inventory increased by 20.4%, bringing active listings to 2,088. The average home price in Mississauga decreased slightly by 0.2% to $1,065,923. Condo sales jumped by 51.0%, although the average price dipped by 6.1% to $588,672. With 3.62 months of inventory, Mississauga provides buyers with a balanced market, making it a great time to explore opportunities.

Oakville Real Estate Market Stats

Oakville’s luxury market remained active, with sales up 72.9% to 242 homes. The number of active listings increased by 34.9%, reaching 1,012, while the average sale price rose by 7.1% to $1,522,464. Condo sales in Oakville also saw a slight increase, and prices averaged $805,336. Oakville’s market, with 4.18 months of inventory, is leaning towards a seller's market, offering buyers fewer options in this upscale area.

Durham Real Estate Market Stats

Durham Region had one of the highest increases in activity, with home sales up 51.0% to 888. Inventory grew by 25.8%, bringing active listings to 2,226, while the average home price fell by 2.2% to $923,521. Condos in Durham saw a 35.1% increase in sales, though the average price softened to $547,622. Durham offers a balanced market with 2.51 months of inventory, ideal for buyers seeking affordability within the GTA.

York Region Real Estate Market Stats

York Region saw robust growth with a 37.4% increase in sales, reaching 1,165 homes. Active listings increased by 34.8%, with 4,690 properties available, while the average price climbed by 1.4% to $1,314,462. Condo sales in York Region rose 18.4%, although the average price softened slightly to $675,357. With 4.03 months of inventory, York Region offers ample choice for buyers.

Brampton Real Estate Market Stats

Brampton’s market saw a substantial increase in sales, with 498 homes sold, up by 47.3% compared to October 2023. Active listings also rose, up 25.6% to 1,805, while the average home price grew by 2.0%, reaching $1,011,915. The condo market saw a 100% increase in sales but maintained a steady average price of $534,175. With 3.62 months of inventory, Brampton offers a competitive yet favourable landscape for buyers.

What This Means for Buyers and Sellers?

With October’s strong sales surge and declining inventory, the GTA market is showing renewed energy, making this fall an exciting time for both buyers and sellers. Across the board, we’re seeing competitive conditions with stable prices, a slight tilt toward a seller’s market, and a condo market that’s bouncing back—though new inventory on the horizon may keep condo prices in check.

For buyers: This is your chance to jump in while prices remain steady, but with inventory levels dropping, acting fast and staying prepared is key. Partnering with an expert can help you navigate multiple offers and find the right home before it’s snapped up.

For sellers: With buyer demand on the rise, now could be an ideal moment to list, especially if you’re looking to maximize visibility and attract motivated buyers. Properly positioning your property can make all the difference in achieving a quick, favourable sale.

Whether you’re considering buying, selling, or both, let’s create a strategy that puts you ahead of the curve. Reach out today, and let’s turn this season’s market trends into your real estate success story. Together, we’ll make your goals a reality! Let's chat!