September Toronto Real Estate Market Stats: New Mortgage Rules + Increase Sales & Inventory

September flew by faster than a bidding war in a hot Toronto neighborhood, and with Thanksgiving just around the corner, fall feels like it will be over before you can say "multiple offers." But while the leaves may be falling, the GTA housing market is starting to pick up steam. In fact, home sales jumped 8.5% compared to the same time last year, as buyers took advantage of a more affordable market spurred by interest rate cuts and slightly softer prices.

The number of available homes for sale surged by over 35%, bringing us to a healthy 25,612 active listings. It’s no surprise that with more options on the table, the market continues to favour buyers, with over five months of inventory up for grabs. As for prices, the average selling price held its ground at $1,107,291, only 1% lower than last year’s figure. On a seasonally adjusted basis, though, prices inched up from August—because in real estate, just like in life, timing is everything.

Toronto Real Estate Market Overview: Key Insights

The number of available homes for sale surged by over 35%, bringing us to a healthy 25,612 active listings. It’s no surprise that with more options on the table, the market continues to favour buyers, with over five months of inventory up for grabs. As for prices, the average selling price held its ground at $1,107,291, only 1% lower than last year’s figure. On a seasonally adjusted basis, though, prices inched up from August—because in real estate, just like in life, timing is everything.

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

Today’s buyers are finding themselves in the driver’s seat with more negotiating power. The result? Moderate price declines, especially in the more affordable condo and townhouse segments where first-time buyers are finally seeing some breathing room. And speaking of condos, prices dipped 3.5% across the GTA, but sales remained steady. If you’re looking for a deal, resale condos and assignment sales (those fresh-from-construction contracts that haven’t quite made it to closing) are offering great value right now. Reach out, and I’d be happy to share more about these hidden gems.

In Mortgage News….

The Federal Government has introduced several important updates aimed at easing affordability for both current and prospective homeowners. One significant change allows existing mortgage holders to shop for better rates without being subjected to the stress test, making the renewal process more flexible and potentially more affordable. Additionally, the cap for insured mortgages has increased from $1 million to $1.5 million, expanding options for buyers in higher price brackets.

Starting December 15, 2024, 30-year amortization periods will be available for first-time buyers and new builds, offering increased flexibility in mortgage payments and making homeownership more attainable for many.

GTA Real Estate Insights

The Greater Toronto Area (GTA) housing market continues to shift in favor of buyers as home sales increased by 8.5% compared to September 2023. With 25,612 active listings—a 35.5% jump year-over-year—buyers now have more options, contributing to the ongoing Buyer's Market conditions. There is 5.13 months of inventory available, offering increased flexibility for those looking to negotiate.

The average sale price across all home types stood at $1,120,216, a 1.2% decline year-to-date, reflecting slight downward pressure on prices, particularly in the condo market, where prices decreased by 3.5% to $682,543. Condo sales remained relatively flat with 1,312 units sold (+0.4%).

Properties in the GTA took an average of 23 days to sell, which is 27.8% longer than this time last year, giving buyers more time and leverage to make their decisions.

Toronto Real Estate Market Stats

Toronto proper experienced a 3.7% increase in sales, with 1,808 homes sold in September. While inventory in Toronto grew by 32.2% year-over-year to 10,022 active listings, prices have stayed relatively stable, with the average sale price slightly up by 0.6% to $1,107,439. Toronto remains a buyer's market, with 5.54 months of inventory now available.

On the condo front, sales edged up by 1.6% year-over-year, but prices saw a slight decline, with the average condo price dipping to $707,917.

Mississauga Real Estate Market Stats

Mississauga showed a moderate adjustment, with 453 homes sold in September—an increase of 17.4% compared to last year. Active listings rose by 28.7%, bringing the total to 2,199 homes on the market, resulting in 4.85 months of inventory. Prices in Mississauga remain stable, with the average sale price landing at $1,063,999, just 0.1% below last year.

The condo market experienced a notable decline, with sales dropping by 16.4% and prices falling 6.1% to an average of $612,937.

Oakville Real Estate Market Stats

The luxury market in Oakville remained stable with 185 homes sold, a 1.6% increase over last year. The number of active listings rose significantly, up 40.8% to 1,076. Despite this increase in inventory, prices rose 2.2% to an average sale price of $1,525,370.

Condo sales in Oakville increased by 18.5%, though prices dropped by 8.9%, bringing the average price to $684,072.

Durham Real Estate Market Stats

Durham Region continues to be a more affordable option within the GTA. In September 2024, 672 homes were sold, up 2.9% compared to last year, and the average sale price for all home types fell slightly to $927,723, a 1.9% decrease year-to-date.

The condo market in Durham saw a drop, with sales down 13.0% and prices dipping by 8.7% to an average of $508,453. The region has 3.56 months of inventory, presenting a balanced market for both buyers and sellers.

York Region Real Estate Market Stats

York Region saw 875 home sales in September, up 10.1% from last year, but the number of active listings surged by 46.4% to 4,939 homes. Prices dipped slightly, with the average sale price now sitting at $1,315,352, a 2.7% decline year-to-date. York Region offers 5.64 months of inventory, firmly placing it in a buyer's market.

Interestingly, condo sales rose by 14.7%, but prices softened, with the average price landing at $673,143.

Brampton Real Estate Market Stats

Brampton's market saw a mix of conditions, with 392 homes sold, marking a 4.0% increase year-over-year. However, the number of active listings climbed sharply by 30.8% to 1,947, providing 4.97 months of inventory. Prices in Brampton have adjusted downwards, with the average sale price sitting at $1,011,672, a 4.7% decrease year-to-date.

Condos in Brampton saw a substantial drop in sales—22.2% lower compared to last year—with the average price now at $521,162.

What This Means for Buyers and Sellers?

With inventory continuing to rise and prices remaining relatively stable, buyers have a prime opportunity to explore more options across the GTA. Whether you're searching for a condo in downtown Toronto or a spacious family home in Mississauga, this market offers buyers more flexibility and leverage.

For sellers, increased competition means pricing strategically is more important than ever. Homes are taking longer to sell on average, but the demand remains steady, especially in the more affordable markets like Durham and parts of York Region.

As we move deeper into the fall market, now is an excellent time to assess your buying or selling strategy. Whether you're a first-time buyer, looking to upgrade, or downsizing, I'm here to help you navigate the market and make the best decisions for your unique needs. Reach out today, and let’s turn your real estate goals into reality! Let's chat!