GTA Real Estate Market Sees October Surge

October was a standout month in the GTA real estate scene, with home sales soaring 44.4% from last year—6,658 properties found new owners, thanks to fresh rate cuts that brought hesitant buyers back into the game. While new listings rose by a modest 4.3%, the market’s still tighter than last year, giving clients a mix of options and competition.

For first-time buyers, this is big news. Lower borrowing costs are making ownership more attainable, especially as home prices have stayed relatively steady. The average selling price is now $1,135,215, up just 1.1% from last year. Buyers can still find good deals, and a stable price point means there’s room for negotiation—especially if they’re eyeing properties under $1 million, where proposed tax breaks could ease the path even further.

Another factor at play is the Bank of Canada’s recent moves to lower rates, with more cuts expected to support economic growth. These lower rates are making mortgage financing more affordable, giving buyers an added boost. On the flip side, bond market shifts tied to the recent U.S. election are nudging Canadian bond yields higher, which could impact fixed mortgage rates in the coming months. For buyers considering fixed-rate options, it might be wise to lock in sooner rather than later.

As winter approaches, demand remains high, especially in the lower price brackets. While it’s still a slightly a buyer's market, improved affordability is bringing more buyers into play. Expect the competition to heat up come spring when limited inventory could push prices up further. Now’s the time for me to YOU make your move—whether you’re buying, selling, or upgrading, you have strong opportunities on both sides of the market.

As autumn rolls in, expect a busier season ahead! The increase in new listings and buyer confidence suggests a continued uptick in activity. 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.