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Ontario home prices remained stable in September compared to August, continuing a trend since February 2024. The average single-family home sold for $954,000 in September, a 4.5% decline from September 2023 prices.

Bidding wars arise from high demand, low supply, and rising interest rates in Ontario's Real Estate market. The new law allows open bidding, letting sellers disclose offer details to all potential buyers.

The Greater Toronto Area faces a condo supply glut, with nearly 40,000 units unsold or unoccupied. This includes 24,000 unsold new units, 9,000 resale listings, and 5,000 newly completed assignments.

In October, home sales in the Greater Toronto Area surged by 44.4% year-over-year, with 6,658 transactions. Toronto saw 2,509 home sales, a 37.6% increase, while other GTA areas rose by 48.9% to 4,149 sales.

The GTA housing market showed signs of recovery with an 8.5% increase in home sales. If interest rates continue to decline, a winter surge in home sales and prices is anticipated.

Raising the insured mortgage cap to $1.5 million may increase market activity, especially in the Greater Toronto Area. Around 20% of homes fall within the new range, with the GTA’s median home price at $1.2 million.

New condo sales in GTHA totalled 567 units in Q3-2024, the lowest since Q1-1995. Sales ↓ 81% yearly, 87% below the latest 10-year avg for Q3.

The GTA's housing supply could deteriorate in the coming years due to declining development applications. Population growth continues to outpace new housing, worsening the existing supply shortage in the GTA.