Fall is officially here, and with it comes the latest real estate stats you need to know. Let’s break it down simply for you:

The average home price in the Greater Toronto Area (GTA) has climbed to $1,048,914—an increase of 2.7%. Homes are staying on the market for about 29 days before accepting offers, giving buyers and sellers a little more breathing room. Meanwhile, listings have increased slightly by 0.94%, with Toronto seeing a significant jump of 10.5%. A total of 453 homes were sold last month through the MLS.

Now, let’s talk mortgages. The recent changes to mortgage lending guidelines are making waves. The biggest news? If you already have a mortgage, you can shop around for better rates without facing the stress test. That means easier, more affordable renewals. Plus, extended amortization periods and the option to insure mortgages on homes priced over $1 million are giving buyers more flexibility. These changes are especially helpful as the GTA housing market begins its recovery.

In September, home sales across the GTA rose by 8.5% compared to the same month last year, with a total of 4,996 homes sold through the Toronto Regional Real Estate Board (TRREB) MLS System. Buyers are starting to take advantage of more affordable conditions, thanks in part to the recent interest rate cuts and stabilizing home prices.

According to TRREB President Jennifer Pearce, the recent changes to mortgage lending guidelines are expected to boost home sales even more as borrowing costs trend lower. Each rate cut makes homeownership a more attainable long-term investment for many, especially first-time buyers. With every cut, more families will be able to afford a home in the GTA.

Looking at the numbers, new listings in September were up by 10.5% year-over-year, reaching 18,089. This better-supplied market is offering more negotiating power for buyers, especially in the more affordable condo and townhouse segments. These property types, which tend to attract first-time buyers, are seeing moderate price declines year-over-year.

TRREB Chief Market Analyst Jason Mercer echoed this sentiment, noting that the rise in new listings is giving buyers more leverage when it comes to negotiating prices. Meanwhile, TRREB CEO John DiMichele expressed optimism about the mortgage guideline changes, stating that they will provide home buyers with much-needed flexibility during their journey to homeownership.

So, with fall here and the market showing positive signs, it’s a great time to start thinking about your next move in the GTA housing market. Keep these stats in mind as you navigate your options.