Real Estate Market Update September 2024
Look to see what happened during this month
Vaughan Real Estate Agent Insights: Greater Toronto Area Home Sales Surge in September 2024
TORONTO, ONTARIO, October 3, 2024 – Home sales across the Greater Toronto Area (GTA) saw a notable increase in September 2024, signaling a good shift in the real estate housing market. Buyers are taking advantage of more flexible market conditions, including interest rate cuts and lower home prices, Real estate agents are witnessing a rise in activity from both season investors and first time home buyers
Real Estate Agents have reported an increase in home sales, with 4,996 properties sold through the TRREB MLS® System. This marked an 8.5% increase from the 4,606 sales recorded in September 2023, signaling a recovery in the real estate market. The increase in sales was a reflection of the increase of new listings, which jumped 10.5% since 2023, reaching a total of 18,089 new listings in the GTA.
As the market continues to stabilize, more buyers are getting the opportunity to buy a home because of lower interest rates and changing lending guidelines. These factors are making homeownership more accessible, especially for first-time buyers. For those looking to buy in Vaughan, these developments present a unique opportunity to enter one of the GTA's most sought-after real estate markets.
How Vaughan Real Estate Agents Can Help You Navigate the Changing Market
>According to Jennifer Pearce, President of TRREB, “As buyers take advantage of changes to mortgage lending guidelines and lower borrowing costs, home sales will continue to rise in relation to population growth. Every rate cut brings more households into the market, making homeownership a more attainable long-term investment, including for first-time buyers.”
For those looking to buy or sell in Vaughan, the expertise of a Vaughan real estate agent can help you take advantage of these evolving conditions. Whether you’re buying your first home or upgrading to a larger property, a Vaughan real estate agent can provide you with key insights into local market trends, guide you through negotiations, and help you secure the best possible deal.
What Does the Market Look Like for Buyers in Vaughan?
:In September 2024, the average selling price across the GTA was $1,107,291, down slightly by 1% compared to the same time last year. However, on a seasonally adjusted basis, the average price edged up slightly compared to August, showing signs of gradual market recovery. For many prospective buyers, this means now is an ideal time to enter the market before prices start to climb again.
For buyers in Vaughan, this presents an opportunity to purchase properties in popular neighbourhoods such as Vaughan Metropolitan Centre (VMC), Thornhill, and Woodbridge at competitive prices. Vaughan is home to a variety of property types, including family homes, condos, and townhouses, with many properties seeing price reductions, particularly in the more affordable segments that are attractive to first-time buyers.
Why Vaughan’s Housing Market is a Smart Investment
Vaughan remains one of the most desirable areas in the GTA due to its exceptional amenities, excellent public transit options, and proximity to major business hubs. As a result, properties in Vaughan are consistently in demand, making it a stable market for long-term investment. Working with a Vaughan real estate agent can help you identify the right property based on your budget, lifestyle, and long-term investment goals.
Jason Mercer, TRREB’s Chief Market Analyst, notes that "The increase in new listings over the past year has resulted in a better-supplied market, giving buyers more negotiating power. As a result, many buyers are finding success negotiating prices, particularly in the condo and townhouse segments, which are especially popular with first-time buyers."
Positive Changes to Mortgage Guidelines
A major development in the market is the recent changes to mortgage lending guidelines, which are giving buyers more flexibility. The ability for existing mortgage holders to shop for the best rates without facing the stress test is making mortgage renewals more affordable. Additionally, longer amortization periods and the ability to insure mortgages for properties over $1 million are opening up more options for homebuyers.
For buyers in Vaughan, these changes create a unique opportunity to secure a mortgage with more favorable terms, increasing your purchasing power. A Vaughan real estate agent can help you navigate these new mortgage guidelines, ensuring that you get the most out of your home buying experience.
Partner with a Vaughan Real Estate Agent for Your Next Move
If you’re thinking about buying or selling a property in Vaughan, now is the time to act. The real estate market is shifting, and with the support of an experienced Vaughan real estate agent, you can take full advantage of the current conditions. Whether you’re looking to find your dream home or maximize the value of your current property, a professional Vaughan real estate agent can help you achieve your goals.
With a deep understanding of the Vaughan market, access to exclusive listings, and expert negotiation skills, a Vaughan real estate agent can make the home buying or selling process seamless and stress-free. Contact us today to get started on your real estate journey in Vaughan!