After six months of sluggish activity, Toronto’s housing market is showing clear signs of recovery. October saw a significant uptick in sales, with a year-over-year increase of 44% for low-rise homes and 32% for condominiums. While last year’s sales volumes were near 20-year lows, this growth indicates that the GTA market is truly heating up. Key numbers from October 2024 …
Uncertainty Amid Rising Inventory and Shifting Interest Rate Expectations The GTA housing market experienced a cool fall market start. Sales increased modestly compared to last year; however, showings are fewer, and new listings are outpacing sales, driving up inventory levels. In September, the condo market reached 6.9 months of inventory (MOI), while the low rise hit 4.5 MOI, reflecting a …
The Canadian government has announced new mortgage policies that will take effect on December 15, 2024. These changes are designed to help first-time homebuyers and current mortgage holders: For Insured Mortgages (less than 20% down payment): The maximum purchase price will increase from $1 million to $1.5 million. The maximum amortization period extended from 25 years to 30 years for …
As August wraps up the summer months, the real estate market typically slows down, with people focused on family vacations and time off. However, this August, the Greater Toronto Area (GTA) market showed signs of stabilization, even though new listings have declined, and prices remain sticky. While it is still a buyer’s market, prices have only been dropping very slowly. …
The Toronto real estate market continues to weaken in July, with lower sales and an increase in new and active listings putting downward pressure on prices. Overall, prices are down 1-6% compared to the previous year and 17-21% below 2022 peak values, with further declines expected unless Bank of Canada rapidly start dropping the interest rate. Three key factors affecting …
Sales Slowed Down Even Further June 2024 home sales in the GTA were lower compared to the same month last year. Despite the Bank of Canada rate cut at the beginning of last month, many buyers kept their home purchase decisions on hold. This resulted in a 16.4% decline in sales compared to June 2023. New Listings: The market remained …
In May 2024, the GTA market saw 7,013 home sales, a 21.7% drop from the previous year. Keep in mind, there was a spike in activity last May before the rate hikes in June and July that slowed the market down. The average selling price was $1,165,691, down 2.5% from last May. Despite high interest rates, prices slightly increased from …
Spring is the busiest time for the Toronto real estate market, however with high home prices and elevated interest rates, the sales continue to be slow. The number of house sales (excluding condos) in April was 35% below the 10-year average for April. Peel saw the biggest decline from the 10-year average, down 43%. Even though the number of homes …
The GTA housing market is still going through an affordability challenge. There were more homes available for sale, aka active listings, this year compared to last year, up by 23.1%, but buyers still faced competition. The average time it takes to sell a home decreased to 29 days, down from 42 days last month. Overall GTA prices continued to gradually …
February saw a strong surge in sales, up 17.9% from last year and a hefty 24.7% increase from January. On March 6th, the Bank of Canada announced it would hold its key interest rate at 5%, where it has stayed since July. With inflation under control, many believe the Bank of Canada won’t raise rates anymore and possible rise cuts …
