"Home sales in the Greater Toronto Area (GTA) rose year-over-year in September as buyers began to take advantage of more affordable market conditions resulting from interest rate cuts and lower home prices.
“With changes in mortgage lending guidelines and decreasing borrowing costs, home sales are expected to steadily rise alongside population growth. Each rate cut enables more GTA households, including first-time buyers, to invest in home ownership,” stated Jennifer Pearce, President of the Toronto Regional Real Estate Board (TRREB).
“While September saw an annual increase in home sales, this was matched by a rise in new listings, leading to a better-supplied market and enhanced negotiating power for buyers re-entering the market. This increased ability to negotiate on price resulted in moderate year-over-year price declines, especially in the more affordable condo and townhouse segments favored by first-time buyers,” explained TRREB Chief Market Analyst Jason Mercer."**
To access full report, click here: https://trreb.ca/market-data/market-watch/
**Source: Toronto Regional Real Estate Board (2024)
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