The Greater Toronto Area (GTA) real estate market experienced an 8.5% increase in sales in September 2024 compared to the previous year, with lower interest rates and more listings contributing to a more favorable market for buyers. The average home price in the GTA reached $1,107,291, a slight decrease from 2023. Detached homes in Toronto averaged $1,685,755, down by 2.4%, while GTA condos saw a 3.5% price decline. Increased new listings (up 10.5%) are helping to balance the market, improving negotiating conditions for buyers.
Toronto’s housing shortage, exacerbated by municipal fees and long approval times, is creating affordability challenges. A recent study highlighted that municipal fees and delays in construction approvals significantly inflate home costs.
Mortgage rules also shifted in favor of borrowers, as the Office of the Superintendent of Financial Institutions removed stress tests for uninsured mortgages switching lenders, simplifying renewals.
In addition to market news, practical advice on dishwasher maintenance emphasizes the importance of regular cleaning, using simple methods like vinegar and baking soda to prolong appliance life and prevent odor. Homeowners are advised to clean filters and seals and avoid overloading to ensure optimal performance.
