GTA Market Gains Momentum as Buyers Find Their Footing

September saw steady movement in the Toronto and GTA real estate markets. Year-over-year, sales inched up by 8.5%, with 4,996 homes sold, while new listings rose 10.5%, adding fresh inventory to the mix. The average selling price took a slight 1% dip, landing at $1,107,291—giving buyers a perfect chance to flex their negotiating power, particularly in the condo and townhouse markets, which remain hot with first-time buyers.

Interest rate cuts and the recent changes to mortgage lending guidelines have definitely sparked more buyer activity. With access to longer amortization periods and the ability to shop around for better mortgage rates without facing the stress test, homeowners and buyers alike are finding more flexibility and affordability. These shifts are particularly beneficial for first-time buyers, who are seeing improved options in a market that was previously tough to crack.

As autumn rolls in, expect a busier season ahead! The increase in new listings and buyer confidence suggests a continued uptick in activity. While we’re still in a seller’s market, the softening prices create a golden opportunity for buyers looking to secure a home. On the flip side, sellers with desirable properties can still capitalize on the high demand before winter sets in.