September went by in a flash and we are about a week away from Thanksgiving, fall will be over before we know it! The GTA housing market began to improve this past September with home sales up 8.5% over the same month last year. Buyers are starting to take advantage of more affordable market conditions brought about by interest rate cuts (3 so far) and lower home prices.

Ciao! Welcome to a new episode of Building Wealth Through Real Estate...Brick by Brick with me, Nico James-Bock, Founder of The CondoWiz™ Group and Broker at Royal LePage Signature Realty in Downtown Toronto.

The number of available homes for sale of all types increased by over 35% to 25,612, continuing the Buyers Market trend of over 5 months of available inventory. The average selling price, $1,107,291 was down by only 1% compared to September 2023's average of $1,118,215. On a seasonally adjusted basis, the average selling price edged up slightly compared to August.

The Toronto Regional Real Estate Board's Chief Market Analyst, Jason Mercer, stated that there continues to be a better-supplied market allowing for increased negotiating power for buyers re-entering the market. The ability to negotiate on price, led to moderate year-over-year price declines, particularly in the more affordable condo apartment and townhouse segments that are popular with first time buyers.

What's Next?

BoC Interest Rate Announcements

• October 23 which happens to be my 🎂
• December 11

New Mortgage Rules December 15

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