Historical Data 2024

Market Update - December 2024

I wish you and your family a very Happy New Year and I hope you were able to spend time with those who you care about most over the holiday season.  

As we look back on 2024, early on the residential real estate market initially struggled to gain a footing under the pressure of high interest rates.  Higher interest rates presented significant affordability hurdles for home buyers that kept sales well below what is considered normal levels.  The first interest rate reduction did not happen until June and since then, with the Canadian economy retracting toward a recession, the Bank of Canada acted quickly. They have now dropped rates from their high of 5% to 3.25% with 5 quick moves including two moves of 50 basis points.  The real estate market showed its first signs of responding to the rate moves in October. We witnessed a 44% increase in transaction volume followed by a 40% increase in November.  Further rate cuts in 2025 and home prices remaining below their historic highs will result in improved market conditions over the next 12 months.  The year ended with sales volume up 2.5% and prices flat over 2023.  

Annual 2024 home sales amounted to 67,610.  There was more choice for buyers throughout the year as inventory levels of available homes for sale grew.  The year ended in what can be considered a buyer’s market, with just over 4.5 months of supply of homes for sale of all types, which continues to keep a ceiling on any widespread price growth. The average selling price for all home types was $1,117,600 in 2024, representing a decline of less than one per cent compared to the 2023 average of $1,126,263. Market conditions were stronger for detached, semis and town-home housing with selling prices holding up better in these segments, price declines were more notable for condo apartments.  The Chief Market Analyst for the Toronto Regional Real Estate Board, Jason Mercer, reiterated this by stating that market conditions varied by market segment in 2024. Many would-be first-time buyers remained on the sidelines, anticipating more interest rate relief in 2025. The lack of first-time buyers impacted the less-expensive condo segment more so than the single-family segments.  Sales of single-family homes, including detached houses, increased last year, whereas condo apartment sales were down.

As we anticipate further interest rate reductions in the coming months, the real estate market enters 2025 with renewed optimism as we predict greater sales volume and price growth throughout most home types.  The condominium market will continue to face headwinds this year as there will be a record number of newly completed condo units delivered with many to be put up for sale or lease. However, there will be pockets of strength in certain condo types and locations.  

I wish you all the very best in 2025.  When considering your real estate plans this year, know that I am only a call or text away, I would welcome the opportunity to discuss market conditions and strategies that would best suit your needs.  

I look forward to connecting with you soon…

December 11th, 2024 - BOC Announcement

The Bank of Canada has announced it's final rate cut of 2024! 

With a 50 bps reduction, the policy rate now sits at 3.25%. This change is expected to shift housing market dynamics, potentially increasing demand and pushing prices higher. 📈

How will this impact your buying or selling strategy? Let’s talk through your next move!

📲 DM me for expert advice.

Market Update - November 2024

Winter is slowly moving in and I am sure some of us are more excited to see the snow than others.  In sharing some warmer news the Greater Toronto Area home sales increased strongly on a year over year basis in November. Many buyers benefitted from more affordable market conditions brought about by lower borrowing costs. The number of new listings were also up compared to November 2023 but by a much lesser annual rate. This is resulting in tighter market conditions and contributing to overall average price growth compared to last year.  With the momentum we are experiencing we expect an accelerating market recovery in 2025.  

There were 5,875 home sales through November, up by 40.1% compared to 4,194 sales reported in November 2023. Total active listings on the MLS® System amounted to21,818, up by 30.2% year over year.  November sales were up month-over month compared to October.  The average selling price was up by 2.6% compared to November 2023 to $1,106,050. 

Toronto's Regional Real Estate Board Chief Market Analyst, Jason Mercer, recently stated that on a seasonally adjusted basis, the average selling price edged slightly lower compared to October.  Although market conditions have tightened, particularly for single-family homes, the detached home market in particular experienced average annual price growth above the rate of inflation, particularly in the City of Toronto. However, the condominium apartment market continues to experience lower average selling prices compared to a year ago.  Condo buyers are benefitting from a lot of choice, giving them negotiating power. This will attract renter households into homeownership as borrowing costs trend lower in the months ahead.   

I wish you and your family a fantastic holiday season and I look forward to connecting with you very soon.  

Happy Holidays!!

Market Update - October 2024

Fall has most definitely arrived but you wouldn't know it as the weather has been so good.  

Greater Toronto Area home sales have also been great as the market picked-up this past October with a strong year-over year increase.  There were 6,658 home sales through TRREB’s System in October 2024, up by 44.4% per cent compared to 4,611 sales reported in October 2023.  The pace of which homes are selling also increased with inventory levels of available homes for sale of all types dropping to 3.5 months from just over 5.  This is a significant drop as the market is now trending back towards a sellers market.  

Even with the pace at which homes are selling, prices remained relatively flat, up only 1.1% compared to October of last year to $1,135,215 and up slightly compared to this past September.  The numbers tell us that it appears more buyers have moved off the sidelines and back into the marketplace in October. The positive affordability brought about by lower borrowing costs and relatively flat home prices, prompted an improvement in market activity.

Chief Market Analyst for the Toronto Regional Real Estate Board, Jason Mercer, reported that market conditions did tighten in October but there is still a lot of inventory, over 24,400 of available homes of all types, and therefore providing choice for home buyers. This choice will keep home price growth moderate over the next few months. However, as inventory is absorbed, selling price growth will accelerate, most likely as we move through the spring of 2025.
The condominium market also saw a rebound in October with sales up 33% across the GTA compared to October 2023.  Prices, however, still softened slightly, down 2% respectively. With the completion of a large number of new construction units over the next couple of years, prices are expected to stay relatively flat for the time being.  

Please never hesitate to reach out to me with any of your real estate related questions, I am here to help.  Enjoy the fall season and I look forward to connecting with you soon.

Market Update - September 2024

September went by in a flash and we are about a week away from Thanksgiving, fall will be over before we know it.  The Greater Toronto Area housing market has begun to improve this September with home sales up 8.5% over the same month last year. Buyers are starting to take advantage of more affordable market conditions brought about by interest rate cuts and lower home prices.

The number of available homes for sale of all types increased by over 35% to 25,612, continuing the Buyers Market trend of over 5 months of available inventory.  The average selling price, $1,107,291 was down by only 1% compared to September 2023's average of $1,118,215. On a seasonally adjusted basis, the average selling price edged up slightly compared to August.

The Toronto Regional Real Estate Board's Chief Market Analyst, Jason Mercer, stated that there continues to be a better-supplied market allowing for increased negotiating power for buyers re-entering the market. The ability to negotiate on price, led to moderate year-over-year price declines, particularly in the more affordable condo apartment and townhouse segments that are popular with first time buyers.  

The prices of condominium apartments across the GTA declined slightly by 3.5% with sales remaining flat compared to September of last year.  Resale condominiums and assignments(the sale of a contract of a newly or soon to be completed condominium unit that has not been registered) are where you can find good value in today's market.  Should you be looking to make an investment in real estate please contact me as I would be happy to share more information in regards to these opportunities.  

In mortgage lending news, some positive changes were announced last month by the Federal Government where existing mortgage holders will now have the ability to shop around for the best rate without facing a stress test, this will result in more affordable renewals.  Further changes announced were the increasing of the $1 million price cap for insured mortgages to $1.5 million and the 30 year mortgage amortization options expanding to all first-time homebuyers and to all buyers of new builds, taking into effect on December 15, 2024 respectively.  

I am always only a call, email or text away for all your real estate questions or needs, I look forward to connecting with you soon.

Market Update - August 2024

September has arrived, marking the near end of summer with kids heading back to school and holidays wrapping up.  Seasonally August tends to be a slower month of the year when it comes to residential real estate sales.  The Greater Toronto Area home sales were down on a year over-year basis with the region’s housing market remaining well-supplied in August.  Currently there are approximately 4.5 months of inventory, putting us in what is referred to as a Buyers Market.

The Bank of Canada announced a further rate cut on September 4th which will lead to improvement in affordability.  Buyers today are more sensitive than ever to changes in borrowing costs as they pay close attention to what their monthly mortgage payment could be.   As mortgage rates continue to trend lower this year and next, we should experience an uptick in buying activity, including in the condo market.  
There were 4975 home sales reported by the Toronto Regional Real Estate Board(TRREB) throughout the month of August 2024 – down by 5.3% compared to 5,251 sales reported in August 2023.

Inventory of all home types available for sale were up 46% compared to August of last year, there are currently 22,653 properties for sale.  With this jump in inventory you would expect downward pressure on pricing, however, prices remained flat over August 2023 influenced by lowering interest rates and the continued strong demand to live in the Greater Toronto Area.  The average selling price was down only 0.7% compared to August 2023 to $1,074,425.

TRREB's Chief Market Analyst Jason Mercer stated that as borrowing costs trend lower over the next year-and-a-half, home buyers will initially benefit from both lower monthly mortgage payments and lower home prices. Even as demand picks up, especially in 2025, it will take time for the inventory of listings to be absorbed. Ample choice in the market will help keep price growth moderate for the foreseeable future.  
Navigating our ever changing residential real estate is never easy, please know I am available to assist you with all of your real estate enquiries, whatever they may be.  Have a great fall and I look forward to connecting with you.

 

Market Update - July 2024

Here we are already in August and dare I say Summer is almost half over, I hope you have been able to find some time to enjoy the amazing weather we have had.  

With the heat of the summer and with the recent cuts to interest rates by the Bank of Canada the volume of sales in July ticked up over last year.  Sales volume has begun to rebound since 2022 when the Bank of Canada was combating inflation and raising rates, sales are up almost 10% compared to July 2022's figures.   Even with the growth in sales volume, buyers continue to benefit from more choice with the number of active listings up 55% to 23,877 over last July. With a better-supplied market, prices, on average, have remained relatively flat compared to the same period last year.  

Even with an increase in volume of sales, the average selling price of $1,106,617 represented a small decrease of 1.1% over July 2023.   TRREB's Chief Market Analyst Jason Mercer recently stated that as more buyers take advantage of more affordable mortgage payments in the months ahead, they will benefit from the substantial build-up in inventory. The above average available inventory of homes for sale will initially keep home prices relatively flat. However, as inventory is absorbed, market conditions will tighten in the absence of a large-scale increase in home completions, ultimately leading to a resumption of price growth.  If you have any real estate questions please never hesitate to connect with me, I am here to help.  Wishing you well and I look forward to speaking with you soon. 

July 24th, 2024 - BOC Announcement

As many economists predicted, the Bank of Canada decided to decrease the policy rate to 4.5%.

While the quarter point reduction is another step in the right direction, time will tell if it is enough to reignite buyer interest as many have been waiting on the sidelines for the rates to come down.

How will the latest BOC announcement affect your situation? Reach out today to learn more!

July 23rd, 2024 - Capital Gains Tax Increase

Important Update for Property Sellers!

Whether you’re a homeowner or an investor, understanding the latest changes to capital gains tax can help you make smarter financial decisions.

Reach out today for personalized real estate advice.

Market Update - June 2024

The residential real estate industry continues to make moves across the Greater Toronto Area.  With available listings of all home types up 67% compared to June last year prices have remained consistent at an average price of $1,162,167, down only 1.6%.  The number of sales were down 16% compared with the same time last year.  
Even with the Bank of Canada quarter of a point rate cut last month, June's sales results are suggesting that buyers will require more to encourage greater activity throughout the market.  Many buyers kept their home purchase decisions on hold keeping the market well-supplied.  
TRREB's Chief Market Analyst Jason Mercer stated that the GTA housing market is currently well-supplied and recent home buyers have benefitted from substantial choice along with negotiating power on price.  As sales pick up throughout the balance of the year alongside lower borrowing costs, increased inventory levels will help mitigate against any run-up on selling prices.  

Months of inventory levels have doubled since June of last year, homes are simply taking longer to sell, however we are not seeing the downward pressure on pricing one would expect.  This shows the resilience of the GTA housing market and the continued demand for real estate in southern Ontario.  As the Bank of Canada lowers its lending rate expect more buyers to enter the market and prices to remain strong.  
If you ever have any real estate questions I am here to help, I look forward to connecting with you soon.  
All the very best...

June 5th, 2024 - BOC Announcement

This morning's long-awaited announcement is likely to bring buyers some relief as The Bank decided to reduce the overnight lending rate.

Canada's economic growth resumed in Q1 after a lull in the second half of 2023. However, recent data still suggests our economy is operating in excess supply.

The next overnight rate target announcement is scheduled for July 24, 2024.

How will this announcement affect your home ownership situation? Let's connect to further discuss the possibilities.

Market Update - May 2024

Summer is right around the corner, I hope you have been able to find some time to get out and enjoy the warmer weather.  Home sales, of all types, in May continued to slow, especially in comparison to last spring’s short-lived pick-up in market activity.  However, home buyers should find some reprieve from this morning's rate adjustment announcement from the Bank of Canada, down a quarter of a point.  Home sellers are optimistic anticipating an uptick in demand, as evidenced by a year-over-year increase in new listings. With more choice compared to a year ago buyers continue to benefit from the greater selection of available homes.  

There were 7,013 reported home sales through the Toronto Regional Real Estate Board in May 2024 – a 21.7% decline compared to 8,960 sales reported in May 2023.  Available homes for sale were up just over 83% compared to the same month last year, which will put downward pressure on prices.  The average selling price was $1,165,691, down by 2.5% over the May 2023 result of $1,195,409. On a seasonally adjusted monthly basis, the average selling price edged up slightly compared to April 2024.  

TRREB's Chief Market Analyst Jason Mercer stated that with interest rates remaining high in May, home buyers did continue to benefit from slightly lower selling prices compared to last year. Selling prices have adjusted to mitigate the impact of higher mortgage rates, therefore, affordability is expected to improve further as borrowing costs trend lower.  As demand picks up, we will likely see renewed upward pressure on home prices as competition between buyers increases.  

New home opportunities continue to present themselves as developers have come up with some exciting new incentives to sell their remaining inventory.  If you are in the market for an investment or struggling to find a home in the resale market now could be the time to consider something new.  

If you have any real estate questions, I am always here to help. I look forward to connecting with you soon.  

All the very best....

Market Update - April 2024

The month of April is the start of the Spring Market for Residential Real Estate, representing the beginning of the busiest time of year for real estate transactions.   There were 7,114 sales through the Toronto Regional Real Estate Board – down by five per cent compared to April 2023. Inventory levels or the number of listings of available homes of all types have begun to creep up with over 18,000 available for sale at the end of April, which means there is an increased choice for home buyers.  Even with greater choice, average selling prices have seen little movement showing the continued resilience in our market.  Prices have remained constant, the average selling price was up by 0.3 per cent to $1,156,167 compared to March of last year.  

Many homeowners are anticipating an increase in demand for home ownership as we move through the spring.  Sales are expected to pick up, many would-be home buyers are likely waiting for the Bank of Canada to begin cutting its overnight lending rate before purchasing a home.  

The Toronto Regional Real Estate Board's Chief Market Analyst Jason Mercer recently has stated that buyers today are benefitting from ample choice in the GTA resale market. As a result, there was little movement in selling prices compared to last year. Looking forward, the expectation is that lower borrowing costs will prompt tighter market conditions in the months ahead, which will result in renewed price growth, especially as we move into 2025.

All levels of government have stated that they are committed to improving affordability and choice for those interested in owning a home. There is a need to bring more housing online to account for future population growth.  Recently, it has been stated that there is approximately two years of inventory of condominiums available for sale, whether it be through resale, new construction, developers standing inventory or assignment.  With sales of new construction slowing due to fewer sales there will inevitably be a shortage of homes for our growing population in the coming years, developers will only build when they have sold enough units to achieve their financing.  Opportunities will present themselves now and in the coming months for buyers willing to take advantage of some downward pressure on new condominium pricing.  

I am available to discuss all your real estate needs whether it be a move for yourself or an investment, please never hesitate to contact me.  
  

Market Update - March 2024

The first quarter of 2024 has just wrapped up and time continues to fly by as we roll right into Spring.  March 2024 home sales reported through the Toronto Regional Real Estate Board were lower, down 4.5% compared to March last year.  This was due in large part to holidays like March Break and the statutory holiday, Good Friday which fell into March this year.  Despite a better-supplied market compared to last year, there was enough competition between buyers to see a moderate increase in prices, up 1.3% to $1,121,615.

There has been a gradual improvement in the market this past quarter.  More buyers have adjusted to the higher interest rate environment and at the same time homeowners are anticipating a more active spring, as we are witnessing an increase in new listings so far this year. The first quarter ended with sales up by 10.8% per cent over the same period last year with prices remaining flat.

TRREB Chief Market Analyst Jason Mercer recently stated that price growth is expected to accelerate during the spring and even more so in the second half of the year, as sales growth catches up with listings growth.  Lower borrowing costs in the months ahead will further help fuel increased demand for ownership housing.  

The availability and cost of housing continues to be a hot topic amongst political channels.  With continued population growth and a limited number of new home sales, we will see a very limited supply of available homes in the foreseeable future.  The sale of new homes continues to play a key role in providing the necessary supply for the future, if new homes and condos are not selling today they will not be built or ready for the future.  The opportunity is now as developers are offering discounted pricing and aggressive promotions to encourage buyers and investors to purchase new product.  With a limited supply of homes in the future, housing supply will continue to remain limited with prices continuing to rise.  

If you have any real estate questions I am always here to help.  I look forward to connecting with you soon.  

Market Update - February 2024

Hello.....

Winter looks to be coming to an end very quickly, I hope I am not speaking too soon.  With mild temperatures the residential real estate market has picked right up.  Population growth and a resilient economy has continued to support the overall demand for housing.  Greater Toronto Area home sales were up on an annual and monthly basis in February 2024. Selling prices also edged upward compared to a year earlier, the average selling price was up 1.1% to $1,108,720. 

With the Bank of Canada holding interest rates, homebuyers are coming to terms with the current costs of borrowing and are taking advantage of the new inventory of homes that are coming to market.   There were over 5607 homes sold across the GTA in February,  up almost 18% compared to February of last year.  

The Toronto Regional Real Estate Board's Chief Market Analyst Jason Mercer has reported that as we move through 2024, an increasing number of buyers will re-enter the market with adjusted housing preferences due to higher borrowing costs. In the second half of the year, predicted lower interest rates will further boost demand for home ownership. First-time buying activity will also be a contributing factor, as many renters look to trade high monthly rents for a long-term investment in which they can live and build equity.  

Population growth continues at a record pace, with the anticipated lower borrowing costs, the demand for housing, both ownership and rental, will also increase over the next two years. The new construction market has begun to pick up as buyers look for choice and affordability.  New inventory will continue to play a key role keeping supply and price in check. Our city desperately requires this inventory and with the growth in population not slowing down the need for housing will only continue.  Therein lies the opportunity to invest in real estate.  Developers of new homes and condominiums, at the moment, have incredible incentives that will not last as our Real Estate market starts to improve.  If you were ever considering investing in real estate or would like to know more about available options please do not hesitate to contact me.  

Be sure to get out and enjoy this unseasonably warm weather and I look forward to connecting with you soon.

February 8th, 2024

The deadline to declare your 2023 occupancy status is quickly approaching!

The Vacant Home Tax aims to boost housing availability by incentivizing property owners to occupy their residential properties. Those who opt to leave their properties vacant will face taxation.

Reach out for more information!

Market Update - January 2024

Hello,

I hope everyone has been enjoying the above average temperatures this winter.  2024 has kicked off and purchasers have begun to re-enter the residential real estate market due to lower borrowing costs associated with fixed mortgage rates.

Resulting tighter market conditions when compared to the same period a year earlier, potentially points toward renewed price growth as we move into the spring market.

There were 4,223 sales in January, an increase of 37% compared to January 2023. The number of active listings was also up 8.5%. Stronger sales growth relative to listings suggests buyers are experiencing a tighter market compared to a year ago.   The average selling price was down by one per cent year-over-year to $1,026,703.

Jason Mercer, the Toronto Regional Real Estate Boards Chief Market Analyst stated that once the Bank of Canada actually starts cutting its policy rate, likely in the second half of 2024, to expect home sales to pick up even further that what we are seeing at the moment. There will be more competition between buyers in 2024 as demand picks up and the supply of listings remains limited.

The sentiment across the residential real estate industry is that inventory of available homes for sale continues to remain low, currently under two and a half months.  As a growing province and growing city we are in constant need of new housing.  Without new inventory of homes, prices and rents will continue to rise at an unhealthy pace.  If you ever considered investing in real estate, New Construction could be an interesting option.  Developers have extended deposit structures where the 15%-20% deposit is paid over the four to five year construction cycle.  New homes and condominiums are not built unless they are pre-sold.  To learn more about this process and to ensure you align yourself with the right developer, please contact me.  

Happy to assist with all your real estate needs, please never hesitate to reach out to me and I look forward to connecting with you soon.  

January 24, 2024

Governing Council announced their decision to maintain the policy rate as monetary policy continues to moderate spending and relieve price pressures. 

BOC Announcement Schedule 2024

The Bank of Canada is kicking off the year with their first interest rate announcement scheduled for January 24.  After three consecutive rate holds, buyers are anxiously awaiting the upcoming announcement.  How should this affect your home buying strategy? Reach out today for more info!

REGULATION UPDATE

Unlike the previous municipal land transfer tax which capped homes valued above $2 million at 2.5%, this updated policy results in increased rates for luxury properties. Reach out today to know what this means for you!

January 5, 2024

Stay Tuned!

A New Dawn: Welcoming 2024 with Anticipation and Ambition