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Stay Ahead in Real Estate: Learn about Key Market Trends!

The Toronto real estate market in 2024 showcased notable changes, reflecting broader economic and market influences. Buyers gained more options as listings surged, while sellers adjusted to a more competitive landscape. Here’s a closer look at the year’s key developments and what they mean for 2025.

Market Performance in 2024

In 2024, home sales in the Greater Toronto Area (GTA) increased by 2.6% compared to 2023, reaching a total of 67,610 transactions. This slight uptick was accompanied by a significant 16.4% rise in new listings, resulting in greater market inventory. With buyers having...

The Greater Toronto Area (GTA) real estate market continues to demonstrate resilience, with significant year-over-year growth in home sales and price stabilization across various segments. Recent government policies and interest rate adjustments are shaping the landscape as we approach 2025.

Market Highlights

• Sales Surge: November 2024 saw a 40.1% year-over-year increase in home sales, with 5,875 transactions compared to 4,194 in November 2023.

• Price Growth: The average selling price rose 2.6% from $1,077,891 to $1,106,050, driven by increased demand for detached homes.

• New...

Supply and Demand Dynamics

The GTA experienced a substantial year-over-year increase in home sales, with 6,658 transactions in October 2024—up 44.4% from October 2023’s 4,611 transactions. New listings rose by 4.3% to 15,328, but the higher sales volume has led to tighter market conditions compared to last year.

These conditions have helped sustain property values across the region. The average home price in October 2024 was $1,135,215, marking a 1.1% increase from the previous year. This indicates a balanced market where both buyers and sellers have opportunities​.

Impact of Interest...

In September 2024, Canada’s inflation rate fell to 1.6%, the lowest since 2017. This significant drop has sparked expectations for a major interest rate cut by the Bank of Canada, potentially by 50 basis points. While this may sound technical, the impact on the real estate market could be substantial, especially for homebuyers and investors.

Affordability Gains for Homebuyers:

For those looking to purchase a home, lower inflation, coupled with potential interest rate cuts, means more affordable mortgages. As borrowing costs decline, monthly payments will become easier to manage, allowing...

The Greater Toronto Area (GTA) real estate market demonstrated resilience in September 2024, with increased activity across the board. GTA REALTORS® reported 4,996 home sales through the Toronto Regional Real Estate Board (TRREB) MLS® System, marking an 8.5% rise from the 4,606 sales in September 2023. New listings also climbed by 10.5%, totaling 18,089.

Here is a chart comparing the average home prices in the GTA for September 2023 and September 2024. You can see that the average price slightly decreased from $1,118,215 in 2023 to $1,107,291 in 2024Here is a chart comparing the average...

As the federal government rolls out some of its most ambitious mortgage reforms in decades, the real estate landscape in Canada is set for significant changes. These reforms, taking effect on December 15, 2024, aim to make homeownership more accessible for both first-time buyers and investors. Let’s explore what these changes mean for the real estate market and how you can leverage these opportunities with SoldHistory.ca.

Key Mortgage Reforms

Extended Amortization Period:

The maximum amortization period has been extended to 30 years for all first-time homebuyers, as well as buyers of new...

As we move into September, the Greater Toronto Area (GTA) housing market continues to evolve against a backdrop of changing economic conditions. Recent data from the Toronto Regional Real Estate Board (TRREB) shows a slight decline in sales activity compared to August 2023, while new listings have seen a small uptick, indicating a well-supplied market. However, despite the increased inventory, the quality of available homes remains an issue, with many requiring renovations. Buyers, especially first-time purchasers, are primarily seeking turn-key properties but are finding limited options....

The Bank of Canada recently announced its decision to reduce the benchmark interest rate to 4.5% at the start of August, marking the second rate cut this year.

Our real-time data allows us to track shifts in the property market as they happen, and we’ve been closely monitoring how this news has influenced home-mover activity.

In July, demand – measured by the number of buyers inquiring about homes for sale across the Toronto & GTA area – was up 9% compared to July 2023. However, following the interest rate cut announcement, we’ve seen demand surge further, currently sitting at 15% higher...

TORONTO, ONTARIO, August 6, 2024  – The Greater Toronto Area (GTA) housing market in July 2024 experienced a notable shift, with home sales increasing compared to the same period last year. This change signifies a more dynamic market, offering buyers more options and leading to slight relief in average selling

Supply and Demand Dynamics

In July 2024, GTA REALTORS® reported 5,391 home sales, marking a 3.3 percent increase from the 5,220 sales recorded in July 2023. Simultaneously, new listings surged by 18.5 percent year-over-year, totaling 16,296. This increase in new listings has...