Greater Toronto Area (GTA) Real Estate Market Update: October 2024 (Is it a Buyer's Market Now?)

The Greater Toronto Area (GTA) real estate market remained saturated and inclined towards buyers this past month. Notably, there was a 3% month-over-month increase in average prices across the GTA. The condo market, however, continues to face oversupply issues, remaining saturated across GTA municipalities. Recent changes, including new mortgage guidelines introduced in September 2024 for insured mortgages and the third rate cut, have acted as catalysts, boosting market activities.

Key Highlights:
3% Increase in Average Prices: A significant month-over-month increase in the GTA.
Condo Market Oversupply: Persistent saturation across GTA municipalities.
New Mortgage Guidelines: Introduced in September 2024, these guidelines have helped stimulate market activity.
Third Rate Cut: Further boosting market activity.

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About Us:
At ELIXIR Real Estate, our team is committed to providing premium real estate services. We proudly uphold our core values of Respect, Integrity, and Competency, always keeping our clients' interests at the forefront and helping them achieve their buying and selling goals.

Contact Us:
Mudit Mehta
Broker of Record
ELIXIR REAL ESTATE INC.
Tel. 416-816-6001

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