GTA Market Balances Higher Listings with Sales Growth

The Greater Toronto Area housing market showed renewed strength in September, as buyers appeared more motivated to re-engage. Elevated inventory levels and moderating price trends created favourable conditions that supported demand across all major property types. 

Average home values rose 3.6 per cent month over month, bringing the region’s average sales price to $1,059,377. Inventory closed the month with 29,394 active listings, which is 72 per cent above the ten year historical average. After several months of uneven sales activity, September delivered gains on both a monthly and yearly basis, with sales up 7.3 per cent compared with August and 12 per cent compared with September 2024.

A recently released Royal LePage survey found that 13 per cent of Canadian adults are working towards their first residential property purchase within the next two years, with most planning to buy within 12 to 24 months.

“Interest rates are trending lower and prices have stabilized or even softened in some markets, creating favourable conditions for long-awaited entry into home ownership, especially in costly cities like Toronto and Vancouver. Yet, hesitation remains,” said Phil Soper, president and CEO, Royal LePage. “For some, ongoing economic uncertainty, particularly surrounding trade relations with the United States, is prompting them to hold off until there are signs of stability. Buying a home is the biggest financial decision most people will ever make, and first-time buyers naturally want to do so with as much certainty as possible.”

“Others are choosing to wait in hopes of securing a better deal. With the potential for further rate cuts from the Bank of Canada this year, those in no rush to purchase now are taking a methodical approach, building up their savings and deliberately planning their entry into the market when they feel the timing is best for them.”

The detached market gained back the losses that occurred in August. The September average sales price reached $1,359,030, representing a 3.5 per cent monthly increase. Inventory rose to 13,684, an increase of 9 per cent compared with August and 22 per cent compared with last year. Detached sales also improved, climbing 10 per cent monthly to 2,661 transactions.

The condo market also experienced gains in both price and activity. The average sales price across the GTA rose 2 per cent on a monthly basis to $655,231. Sales increased by 5 per cent compared with August, with 1,437 properties put under contract. Inventory remained elevated at 9,233 active listings. Current condo supply is 74 per cent above the ten year historical monthly average, while sales remain 25 per cent below long-term norms.

The semi-detached segment recorded a 3.6 per cent increase in average sales price, reaching $1,015,543 in September. Sales climbed 14.7 per cent monthly, with 506 properties changing hands. Inventory, however, remains near all-time highs with 1,659 active listings.

Townhomes across the GTA sold for an average of $947,928 in September, essentially flat on a monthly basis. Inventory rose 12 per cent compared with August, reaching 2,224 active listings. Sales totalled 517, which represents a 4 per cent increase compared with September 2024.

“The Bank of Canada’s September interest rate cut was welcome news for homebuyers. With lower borrowing costs, more households are now able to afford monthly mortgage payments on a home that meets their needs. Increased home purchases will also stimulate the economy through housing-related spin-off spending, helping to offset the impact of ongoing trade challenges,” said Toronto Regional Real Estate Board (TRREB) President Elechia Barry-Sproule.

Looking ahead, the housing market across the Greater Toronto Area continues to balance on the edge of opportunity and caution. With interest rates easing and inventory levels historically elevated, buyers are finding more choice and negotiating power. At the same time, sales activity remains below long-term averages, highlighting that market confidence has not fully returned. Whether momentum builds through the fall will depend largely on the pace of additional rate cuts and how quickly buyers feel comfortable stepping off the sidelines.

Whether you're buying, selling, or simply tracking the market—I’m here to help you navigate it with clarity, strategy, and grounded advice.

Luba Beley,

Real Estate With Integrity

📩 Ready to talk? Let’s connect.
📞 416-419-5226

📍 Serving Toronto, Etobicoke, and the GTA West

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July 2025 Report – Signs of Stability as Sales Rise & Inventory Holds

July 2025 delivered the strongest July for home sales in the Greater Toronto Area since 2021. According to the Toronto Regional Real Estate Board (TRREB), 6,100 properties changed hands—marking a 10.9% increase compared to July 2024. While not a full recovery, the market is showing signs of stabilization as more buyers re-enter amidst softened prices and sustained inventory.

📈 Key Market Highlights:

• Sales Volume: 6,100 homes sold (+10.9% YoY)

• Average Home Price: $1,051,719 (↓4.5% from June 2025, ↓5.5% YoY)

• Active Listings: 30,215 properties (↑26% from July 2024)

• New Listings: Down from June, indicating a modest tightening in supply

Buyers are responding to improved affordability conditions. With borrowing costs stabilizing and home prices adjusting, the second half of 2025 may present one of the most buyer-friendly environments in recent years.

Royal LePage President Phil Soper noted in a recent interview that wage growth has outpaced home price declines:

“We’ve had home prices declining, the cost of borrowing declining and wages and salaries stronger than typical… it’s an affordability window we haven’t seen in the country since the mid-90s.”

🏘️ Property Type Breakdown – July 2025

Condos

• Average Price: $651,483

• Sales: 1,576 (7th consecutive month of YoY declines)

• Inventory: 10,013 active listings
  ➡️ Opportunities emerging across many buildings with excess supply.

Townhomes

• Average Price: $849,380 (↓7.4%)

• Sales: 596 (↑5.3% from June)

• Inventory: 2,257
  ➡️ More movement in this segment as buyers seek value.

Semi-Detached

• Average Price: $1,041,359

• Sales: 596 (↓0.8% from June)

• Inventory: 1,690
  ➡️ Sales volume remains below historical averages.

Detached Homes

• Average Price: $1,361,660 (↓2.2% from June)

• Sales: 2,795

• Inventory: 13,676 (↑11.3% YoY)
  ➡️ Price adjustments continue as supply remains elevated.

📌 What Does This Mean for Buyers and Sellers?

For buyers:
You may look back at mid-2025 as the window you were waiting for. Inventory is still high, prices are stable or soft, and mortgage rates have paused. If you're financially ready, this is a time for strategic buying.

For sellers:
Presentation, pricing, and timing are critical. While competition remains high, well-positioned listings are still moving—especially in segments with lower supply or unique value.

🧭 Outlook for Fall 2025

The GTA market appears to be balancing. If buyer confidence continues and interest rates remain steady, we could see further tightening by fall—especially if inventory starts to dip. However, for now, the market remains one of cautious optimism and clear opportunity.

✅ Real Estate With Integrity

Whether you're buying, selling, or simply tracking the market—I’m here to help you navigate it with clarity, strategy, and grounded advice.

📩 Ready to talk? Let’s connect.
📞 416-419-5226

📍 Serving Toronto, Etobicoke, and the GTA West

Q2 2025 Market Story: Rising inventory keeps home prices in check as recovery begins

Q2 2025 Market Story
“The market didn’t roar this spring. It hesitated. But that’s not the whole story.”
by Luba Beley, Real Estate Broker

This past spring felt different. Normally, April through June is when the real estate market lights up—open houses every weekend, bidding wars at every turn. But this year, the energy stalled. Uncertainty in the economy, a new government in Ottawa, and buyers waiting for signals—they all played a role. Still, underneath the stillness, things are moving. The foundation is being rebuilt.

Across Canada: Hesitation, Inventory, and Quiet Optimism

Let’s start with the big picture.

Nationally, home prices barely budged. The average price rose just 0.3% year over year and actually slipped 0.4% compared to Q1. Not dramatic—but telling. What we saw this spring wasn’t a crash. It was a pause. And for many Canadians, especially renters or first-time buyers, this pause is actually creating a window.

Some quick takeaways:

• Montreal held strong, with prices up 3.5% year over year.

• Toronto and Vancouver dipped, down 3.0% and 2.6% respectively.

• Quebec City soared, leading the country again with a 13.5% increase.

• Inventory is up, giving buyers more options and softening price pressure.

• Wages are rising, and home prices have cooled since their 2022 peak.

One of the most encouraging stats? Weekly wages have gone up nearly 12% since 2022, while home prices are 3.6% below their all-time highs. It’s not enough to declare housing “affordable” again—but we’re inching in the right direction.

And with the Bank of Canada holding rates steady at 2.75%, borrowing costs are stable. If inflation continues to cool, we may see another rate cut before year-end—which would further boost buyer confidence.

In the GTA: Subdued, But Not Sleeping

Closer to home, the GTA market echoed the national tone—quieter than usual, but not asleep.

• The average home price in the GTA dropped 3.0% year over year, landing at $1,155,300.

• Detached homes held up relatively well, down just 1.2%.

• But condos took a bigger hit, with prices down 5.6% across the region.

• In the City of Toronto, prices dipped even further—down 5.2% overall.

What’s behind the softness? A few things:

1. Cautious buyers. Many are watching headlines, waiting for a green light.

2. More listings. Sellers are active, but buyers are taking their time.

3. Condo saturation. A flood of new builds has pushed down condo values, especially smaller units.

4. Investor retreat. With fewer international students and newcomers, rental demand has cooled—and investors are pulling back.

Still, there are bright spots. Larger condos—especially those with 2+ bedrooms and good layouts—are drawing attention. First-time buyers see them as an affordable entry point, especially compared to detached homes.

And even though many buyers are holding back, showing requests surged in late Q2. That’s a key signal. The energy is shifting. We may not be in full swing yet—but the market is warming back up.

Where We’re Headed

Royal LePage forecasts that home prices across Canada will rise 3.5% by the end of 2025, and 2.0% in the GTA. Modest growth—not a boom, not a bust.

If confidence returns—and if Canadians feel more secure about jobs, the economy, and interest rates—we could see a more active fall. But we’re not there yet. This market is steady, cautious, and full of opportunity if you know where to look.

Whether you’re buying, selling, investing, or just keeping an eye on the horizon—I’m here to help you move with clarity and confidence.

PLEASE REED THE FULL REPORT IN THE LINK BELOW:

#TorontoRealEstate #GTAHousingMarket #CanadaRealEstate #Q22025Update #HomePrices #RealEstateTrends #MarketInsight #LubaBeleyRealEstate #HousingForecast #TorontoHomes

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Should I Rent or Buy in 2025? Canadian Renters Watch Home Prices and Interest Rate

Is It Better to Rent or Buy in 2025? Canadian Renters Are Strategizing

The rent vs. buy debate is alive across Canada, and renters are paying close attention.

TORONTO, June 19, 2025 – As interest rates decline and the supply of homes for sale grows, affordability is improving, shifting many residential real estate markets across the country in favour of buyers. This would seem to open the door for renters considering the move to home ownership. However, behaviour is more nuanced and many are approaching the opportunity strategically.

According to a new national survey by Royal LePage, 54% of renters say they plan to purchase a home in the future. Nearly one-third of those plan to buy within the next five years. But in a housing market shaped by fluctuating mortgage rates and softening home prices, many are playing it smart, not fast.

Why Are Renters Holding Off on Buying a Home?

Across the country, 28% of renters say they considered buying before signing their current lease. What stopped them?

• 40% are waiting for home prices to decline

• 29% are watching for further interest rate cuts

• 28% are continuing to save for a down payment

This isn’t fear—it’s strategy. Many are weighing affordability, lifestyle, and timing as Canada’s housing market enters a transitional phase.

Rental Affordability Remains a Pressure Point

Even with national rent prices dropping for eight straight months, affordability remains tight. According to the Rentals.ca and Urbanation report:

• Average one-bedroom rent in Canada (May 2025): $1,857 (↓ 3.6% YoY)

• Average two-bedroom: $2,225 (↓ 4.6% YoY)

Yet 52% of tenants spend over 30% of their income on rent. Many are cutting back on essentials, savings, or taking second jobs to stay housed.

Ontario Snapshot: Renters Still Watching the Market

In Ontario, 28% of renters also considered buying before renewing their lease.

Top reasons they stayed in the rental market:

• 43% are waiting for home prices to drop

• 34% are watching interest rates

• 34% couldn’t qualify for a mortgage

Still, 55% plan to buy:

• 15% within two years

• 21% within two to five years

But 31% say homeownership isn’t part of their plan. Half cite income limitations for the neighbourhoods they want to live in. Another 43% say renting is still more affordable, and 43% don’t want the responsibilities of home maintenance.

Toronto Rental Market – May 2025 Update

In Toronto, a surge of new condo completions has added welcome inventory to the rental market. This supply boost, combined with lower student visa and work permit numbers, has softened demand and cooled the bidding wars that became common in 2022–2023.

But activity is returning in pockets of the city—especially in and around the Financial District, where many employers are now requiring in-person work. One-bedroom units with dens remain highly sought after, particularly in vibrant areas with green space and amenities.

📍 Toronto Rental Prices – May 2025

• One-bedroom average: $2,302 (↓ 7.1% YoY, ↓ 0.7% MoM)

• Two-bedroom average: $2,933 (↓ 10.7% YoY, ↑ 0.3% MoM)

How Ontario Renters Are Stretching to Afford Rent

• 38% spend 31–50% of income on rent

• 15% spend more than 50%

• 39% reduced spending on food

• 32% cut retirement/savings

• 22% have credit card debt linked to rent

Even with price drops, the cost of renting is still high—and the long-term burden is real.

Please read the full report: HERE

Royal LePage 2025 Canadian Renters Report – Data Chart: rlp.ca/2025-Canadian-Renters-Report-Chart  

Will Renting or Buying Make More Sense in 2025?

With builders pulling back on new construction, the current uptick in rental supply may be short-lived. Analysts expect reduced housing starts in 2027–2028, which could lead to another surge in demand—and higher prices down the line.

That makes the present a unique window. For some, it’s a chance to upgrade rentals. For others, it may be the perfect time to explore homeownership before the market tightens again.

Need Help Deciding Whether to Rent or Buy in 2025?

Every renter’s situation is unique. If you’re watching interest rates, housing prices, or mortgage options and wondering what move to make—I’m here to help.

Let’s map out your real estate goals, your affordability zone, and what opportunities exist in your area. Whether you’re planning to buy next month or next year, clarity starts now.

— Luba

I offer Private 1:1 Real Estate Clarity Calls

Whether you're looking to sell soon, debating renos, or just want a second opinion before making a move—this is where we cut through the noise.

In a sea of opinions, I offer grounded perspective. In a market full of noise, I offer clarity. If you've been spinning in circles, this is where things start to make sense.

This isn't a sales pitch. It's a clarity session. You bring the questions. I bring grounded experience—rooted in trust and truth. Together, we map out your smartest next move—saving you time, money, and unnecessary stress.

Important information: This session is available only to individuals not currently under contract with another real estate brokerage or agent. If you are already working with a REALTOR® under an active Buyer Representation Agreement or Listing Agreement, I cannot legally provide guidance or strategy.

If you're unsure, please email me at luba@lubabeley.com before booking.

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High Supply, Resilient Prices – May Report

Welcome to the first of my monthly clarity posts — no fluff, no hype, just real insight for smart decisions in a moving market.

The Greater Toronto Area real estate market crossed a significant threshold in May 2025, with active listings reaching 30,964—the highest ever recorded. This marks a 13% month-over-month increase, a 42% year-over-year surge, and an 89% jump compared to the ten-year average for May.
Despite this flood of supply, Toronto home prices remained stable. The average sales price across the GTA rose 1% from April to $1,120,879. Sales volume, however, came in at 6,244 transactions—translating to nearly five months of inventory and signaling a more buyer-friendly housing environment.

Federal Incentives Aim to Support First-Time Buyers

In response to affordability challenges in high-priced cities like Toronto and Vancouver, the Canadian government introduced a first-time homebuyer incentive offering a full GST rebate on new homes priced up to $1 million. This initiative is expected to ease upfront costs and support demand in the pre-construction housing market.

By raising the qualifying price cap, the program better reflects entry-level pricing in the GTA, especially for new condos and townhomes. While long-term impact remains to be seen, this measure could stimulate momentum in the new build segment.

Record-High GTA Condo Inventory Meets Tepid Demand

The GTA condo market hit a new inventory high with 10,523 active listings, a 120% increase over the 10-year average. Sales, however, remained subdued at 1,482—36% below historical norms.
Despite the imbalance, condo prices in Toronto held steady, averaging $683,413. This suggests that while inventory is abundant, sellers are holding their ground, and buyers remain highly selective.

Detached Homes: Sales Up, Prices Slightly Down

Detached home prices in the GTA saw a modest decline in May, averaging $1,425,264. Inventory rose to 13,770 active listings, a 16% monthly increase and 65% above the 10-year norm.
Despite softer pricing, sales rose 17% to 2,998, reflecting interest from well-positioned buyers, especially in outer areas where larger properties have become more accessible.

Townhomes Drop Below $1M as Inventory Climbs

Townhomes in Toronto and the GTA averaged $995,662, falling just below the $1 million mark. Inventory reached 2,287—only the third time this threshold has been crossed and a 115% increase from the 10-year average.
Sales saw a 14% monthly lift, with 650 townhomes sold, suggesting ongoing appeal for buyers seeking space and value.

Semi-Detached Market Reaches New Inventory High

Semi-detached homes in Toronto averaged $1,098,447, marking a 1% monthly price increase. Inventory climbed to a new high of 1,680 active listings, while sales rose 10% to 617 units.
This segment continues to attract buyers looking for a hybrid of privacy and location, particularly in established neighbourhoods.

Expert Insight from TRREB

“Home ownership costs are more affordable this year compared to last. Average selling prices are lower, and so too are borrowing costs,” said Jason Mercer, TRREB’s Chief Information Officer. “All else being equal, sales should be up relative to 2024. The issue is a lack of economic confidence. Once households are convinced that trade stability with the United States will be established and/or real options to mitigate our reliance on the United States exist, home sales will pick up. Further cuts in borrowing costs would also be welcome news to homebuyers.”

What This Means for Buyers and Sellers in 2025

The Toronto real estate market in 2025 is defined by choice, caution, and recalibration. Inventory is at record levels, giving buyers time and leverage. Sellers are adjusting expectations, but home values remain remarkably steady—a sign of long-term confidence in the GTA.

For serious buyers, this moment may represent one of the best windows for negotiation seen in years. For sellers, pricing with precision and staging with intention are key to standing out in a saturated market.

Whether you’re buying, selling, or just watching—this is not a market to ignore.

Important information: This session is available only to individuals not currently under contract with another real estate brokerage or agent.
If you are already working with a REALTOR® under an active Buyer Representation Agreement or Listing Agreement, I cannot legally provide guidance or strategy. If you're unsure, please email me at luba@lubabeley.com before booking.

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#TorontoRealEstate #GTAHousingMarket #May2025MarketUpdate #TorontoHomePrices #GTAInventoryTrends #RealEstateInsights #LubaBeleyRealEstate #BuyerMarket2025 #FirstTimeBuyerIncentives #SellingInToronto #EtobicokeHomes #TorontoHomesForSale

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Sales Rise for Fourth Consecutive Month as GTA Housing Market Shows Steady Activity

Greater Toronto Real Estate Market Report – April 2025
Market Insights, Pricing Trends & Buyer Opportunities Across All Property Types

April 2025 followed the typical seasonal trend of increased real estate activity across the Greater Toronto Area (GTA). However, while momentum picked up compared to March, total sales remained subdued relative to the same time last year. This pattern reflects a cautious buyer pool still waiting for more clarity around interest rates and economic stability following Canada’s recent federal election.

Market Activity: Sales Down, Listings Up

According to the Toronto Regional Real Estate Board (TRREB), REALTORS® reported 5,601 home sales through the MLS® system in April—a 23.3% drop compared to April 2024. This year-over-year decline signals continued hesitancy, but on a month-over-month basis, sales edged upward, showing early signs of stabilization.

At the same time, new listings rose 8.1% year-over-year, with 18,836 homes hitting the market. This surge in inventory means buyers now have significantly more options than they did a year ago—and more leverage when it comes to price negotiations.

Average Prices: A More Balanced Market

The average selling price across all home types landed at $1,107,463, reflecting a 4.1% drop from April 2024. The MLS® Home Price Index Composite Benchmark fell 5.4% year-over-year, confirming a broad softening of prices across the region. On a seasonally adjusted basis, prices also dipped slightly from March.

This cooling trend, paired with increasing supply and early signs of lower borrowing costs, is gradually making homeownership more accessible for some buyers—especially those previously priced out of the market.

Property Type Breakdown

The April numbers show varied dynamics across detached homes, condos, townhomes, and semis, with each segment telling its own story.

Detached Homes

Detached properties saw the strongest growth in monthly sales, with 2,556 transactions, up 18.6% from March. Prices held steady at $1,431,495, signaling that this segment may be finding its footing after previous declines.
Inventory remains elevated, with 11,795 detached homes available, though this aligns more closely with historical norms and provides ample choice for buyers in search of space.

Condominium Apartments

The condo market is seeing a surge in supply and return-to-2021 pricing levels.

• Average Price: $678,048

• Sales: 1,430 (↑1.8% from March, fourth month of gains)

• Inventory: Soared to 128.8% above the 10-year April average

Despite softer prices, the consistent rise in condo sales month after month suggests that affordability in this category is pulling buyers back into the market.

Townhomes

Townhomes experienced a modest price increase, gaining $4,444 from March, with an average price of $1,005,487.

• Sales: 571, up 13% month-over-month

• Inventory: Reached 2,061 active listings, the second-highest level on record

This segment continues to appeal to families and upsizing condo owners, especially with inventory reaching record levels.

Semi-Detached Homes

Semis had a 2% dip in average price, landing at $1,088,848, but showed strong activity with 565 sales—a 16.5% increase over March.
Inventory here also climbed, with 1,458 active listings, which is 78% higher than the 10-year April average, contributing to more balance in this mid-market segment.

Key Takeaways for Buyers and Sellers

For Buyers:
You’re entering a market with more options, softer pricing, and less competition than in recent years. With interest rates expected to ease later in the year, some are choosing to act now—while others continue to wait. Either way, you now have leverage, particularly if you're financially prepared and clear on your goals.

For Sellers:
Pricing strategically is more important than ever. Homes that are well-presented and accurately priced are still moving—especially in popular areas—but overpricing in today’s market often leads to longer time on market and price adjustments. Inventory levels are climbing, so differentiation is key.

What’s Next?

Market performance through the rest of spring and into summer will likely hinge on macroeconomic signals: interest rate announcements, inflation stability, and international trade conditions—particularly Canada’s evolving relationship with the U.S. A more stable outlook could fuel renewed buyer confidence.

For now, we remain in a buyer-friendly, choice-rich, price-aware environment. Whether you're buying, selling, or planning your next move, the key is preparation, timing, and working with someone who understands how to navigate these shifts with clarity and strategy.

Have questions about your neighbourhood or your next step? Let’s connect.

#GTARealEstate #MarketReport2025 #TorontoRealEstate #RealEstateTrends #Homeownership #CondoMarket #TorontoHomes #PropertyValue #GTAHomes #MortgageRates #CanadianRealEstate #RoyalLePage #RealEstateNews #RealEstateInsights

GTA Market Finds Its Footing Amid Elevated Supply and Growing Demand

The first quarter of 2025 has been marked by ongoing economic uncertainty, influenced by shifting trade policies and broader headline-driven volatility. Despite this, the average cost of a home across the GTA rose to $1,093,254 up 5 per cent from January’s low and 1 per cent month-over-month. Compared to March 2024, however, prices remain 2.5 per cent lower.

The most notable trend in March was the persistence of elevated inventory. Active listings rose from 19,536 in February to 23,462 in March—an increase of 20.1 per cent month-over-month. This places current inventory well above the ten-year average, continuing February’s trend of oversupply, which peaked at 93 per cent above historical norms. While sales increased by 24 per cent to 5,011 transactions, the additional listings have further shifted market conditions in favour of buyers.

Recent trade developments, including new tariff announcements on imported goods and automobiles, have added to market uncertainty. While the immediate effects on real estate are indirect, the potential for rising inflation and reduced consumer confidence could shape buyer sentiment in the months ahead.

Detached home prices held relatively flat, with the average sales price at $1,439,268, representing a monthly decline of less than half a per cent. Detached inventory dropped by approximately 2,000 properties, a 26.3 per cent decline, bringing the total to 5,804 active listings at the end of March. Sales increased to 2,155 homes under contract, a 26 per cent monthly gain, though still down 25 per cent compared to last year.

The condo market experienced a similar monthly dip of less than 1 per cent, with the average sales price at $682,019. Inventory fell sharply in this category, with 2,957 fewer active listings, resulting in a 38 per cent monthly decline. There are now 4,681 condos actively listed, a 40 per cent decline from last year’s monthly inventory average of 7,814. Condo sales increased by 14.6 per cent on a monthly basis, resulting in 1,404 sales during the month.

Townhome values once again surpassed the $1 million mark, with the average sale price reaching $1,001,043. Inventory dipped modestly, totalling 1,189 active listings, a 15 per cent monthly decline. Sales saw a 25 per cent monthly increase, with 505 properties going under contract during March.

Semi-detached homes posted the strongest monthly price gain among all asset classes, rising 3 per cent to an average sales price of $1,111,791. Inventory declined by 18 per cent, resulting in 767 active listings at month-end. Sales jumped 36 per cent month-over-month, with 485 semi-detached properties sold.

“Given the current trade uncertainty and the upcoming federal election, many households are likely taking a wait-and-see approach to home buying. If trade issues are solved or public policy choices help mitigate the impact of tariffs, home sales will likely increase. Home buyers need to feel their employment situation is solid before committing to monthly mortgage payments over the long term,” said TRREB’s Chief Information Officer Jason Mercer.

As the GTA moves into the spring market, signs of renewed activity are beginning to surface, even as overall market dynamics remain in flux. Contrary to expectations of tightening conditions, March brought a continued build-up in inventory, with active listings rising well above the ten-year average. This sustained supply has kept market conditions more favourable for buyers, even as sales trend upward. Price growth has been modest and uneven across asset classes, with semi-detached and townhomes showing stronger momentum, while condos and detached homes remain relatively stable. Although demand is improving, sales continue to trail historical norms, and broader economic forces—including interest rate sensitivity and trade-related uncertainty—remain influential. The months ahead will be critical in determining whether this elevated inventory converts into stronger absorption or maintains a more tempered market pace.

Photo above was taken on March 16, 2025

Toronto Skyline

#GTARealEstate #MarketReport2025 #TorontoRealEstate #RealEstateTrends #Homeownership #CondoMarket #TorontoHomes #PropertyValue #GTAHomes #MortgageRates #CanadianRealEstate #RoyalLePage #RealEstateNews #RealEstateInsights

Greater Toronto Area Market Update: February Sees Higher Sales and Expanding Supply

Canada and the U.S. have officially entered a tariff battle, with new trade measures taking effect on Tuesday, March 4. While the long-term implications are still unfolding, it's clear that both short-term and potential long-term economic consequences will need to be carefully navigated.

A trade conflict of this scale introduces significant economic uncertainty, with ripple effects across various industries, including real estate. Higher tariffs on goods and materials are expected to drive up construction and renovation costs, disrupt supply chains, and potentially slow economic growth. This could weigh on consumer and investor confidence, leading to more cautious spending and investment decisions. The full impact on the housing market will depend on the duration and severity of the trade tensions, but factors such as rising construction costs, shifts in interest rates, and changing market demand could all influence housing prices, inventory levels, and mortgage rates in both the short and long term.

Despite broader economic factors influencing the market, the Greater Toronto Area's real estate market demonstrated notable growth in February. This growth is highlighted by a 4.1 per cent increase in prices, bringing the average sales price to $1,084,547 across the region—an increase of $43,553.. Inventory rose 13.8 per cent month-over-month and 75 per cent year-over-year, reaching 19,536 active listings. This mirrors the peak inventory levels of 2023 while surpassing totals seen in 2022, 2021, and 2020. Sales activity increased by 4.9 per cent, resulting in 4,037 total transactions. However, both inventory and sales remain far from historical February norms. Sales are down 42 per cent compared to the 10-year average, while inventory is an astonishing 93 per cent above its historical average, highlighting a significant shift in market dynamics.

A recent Royal LePage survey found that approximately 1.2 million mortgages will renew in 2025, with 85 per cent of them originally secured when the Bank of Canada’s key lending rate was at or below one per cent. “When it comes to post-pandemic mortgage renewals, many Canadians have avoided the worst-case scenario of having to sell their homes due to the inability to cover the cost of their mortgage, thanks to solid employment trends and declining interest rates,” said Phil Soper, president and CEO of Royal LePage. “Nevertheless, some

will face a substantial rise in their mortgage costs, putting added pressure on their household finances. Many in this situation are exploring options to lower their monthly fees, such as extending their amortization period, a tactic that has proven popular.”

Detached home prices continued to rise, with a 4.9 per cent monthly increase, bringing the average price to $1,445,879. Inventory rose to 7,885 listings, a 103 per cent year-over-year increase. Sales activity strengthened, with 1,706 detached home sales, marking a 7.9 per cent monthly increase. The growing supply has provided buyers with more options, yet demand remains steady, supporting gradual price appreciation.

The condo segment saw a modest price increase, with the average price rising 2.5 per cent to $688,055. This marks the seventh consecutive month where condo values have remained below the $700,000 threshold. Inventory increased to 7,638 active listings, representing a 47.6 per cent yearly jump. Sales remained solid, rising 5 per cent month-over-month to 1,225 transactions. While higher inventory is offering buyers more choices, price fluctuations suggest a market still seeking equilibrium.

Townhouse prices remained relatively stable, with an average price of $991,066. Inventory grew to 1,398 listings, marking a 125 per cent yearly increase. Meanwhile, sales activity declined slightly, falling 1.5 per cent month-over-month to 404 total transactions. Despite steady demand, the increased supply is preventing significant price movements in this segment.

The semi-detached segment posted a 3 per cent monthly gain, bringing the average sales price to $1,079,996. Inventory rose to 937 active listings, representing a 159 per cent yearly increase. Monthly sales increased by 2 per cent, with 356 total transactions in February.

“On top of lingering affordability concerns, home buyers have arguably become less confident in the economy. Uncertainty about our trade relationship with the United States has likely prompted some households to take a wait-and-see attitude towards buying a home. If trade uncertainty is alleviated and borrowing costs continue to trend lower, we could see much stronger home sales activity in the second half of this year,” said TRREB Chief Market Analyst Jason Mercer.

While sales activity has improved, rising inventory levels continue to shape market conditions across the GTA. Buyers are seeing more selection across all housing types, which is helping to moderate price growth in some segments. As the spring market approaches, further clarity on interest rate policy and economic conditions will be key factors in determining whether demand can keep pace with the growing supply.

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Rising Listings, Softer Prices, GTA Real Estate Faces a Pivotal Moment

The latest Toronto Regional Real Estate Board’s Market Outlook and Year in Review report indicates that a strong housing supply is expected to keep home price growth in line with inflation. As a result, home prices in the Greater Toronto Area (GTA) are projected to see moderate increases over the year.

The average home price is currently $1,040,994, reflecting a 2.4% decrease from December. This price is now approximately $5,000 below its February 2021 level, a time when values were still rising toward the market peak of $1,334,544 in February 2022.

Interestingly, this price point has been seen twice before in recent years, both times in January 2023 and January 2024. On each previous occasion, values rebounded in the following months, suggesting this level could act as a potential floor for the market. However, if this support line fails to hold, price volatility is likely to follow.

While home values remain near multi-year lows, sellers have not been deterred. Newly active listings reached 12,392, bringing the total active inventory to 17,157 by the end of the month. This represents a 92 per cent increase compared to the 10-year historical monthly average of 8,916.

On a positive note, home sales rose 14.5 per cent month-over-month to 3,847 transactions. However, on a yearly basis, sales remain 8 per cent lower and are down over 17 per cent compared to the 10-year monthly average.

As the market adjusts, various home segments continue to show different trends. The detached home segment across the GTA recorded a 1.5 per cent monthly decline, bringing the average sale price to $1,377,430. The month saw 5,000 newly active listings, the highest January total since 2013. By the end of the month, active listings reached 6,832, reflecting a 12 per cent monthly increase and a 90 per cent surge from January 2024. Detached home sales totalled 1,580, an 11 per cent increase from December.

The condominium segment continued its downward trend, marking its ninth consecutive month of price declines. The average condo sale price fell to $670,675, representing a 1.6 per cent decline on both a monthly and yearly basis. Newly active condo listings surged to 4,589, setting a new monthly record. Total condo inventory reached 6,913, marking a 47 per cent yearly increase and a 134 per cent surge from the 10-year monthly average. Sales, however, showed some strength, rising 21 per cent month-over-month, with 1,161 properties put under contract.

Townhomes were one of the few asset classes to record an annual price increase. The average sale price of $983,856 represents a 2 per cent gain year-over-year. Active inventory reached 1,180, a staggering 137 per cent increase compared to the 10-year monthly average. Townhome sales totalled 409, up 8 per cent from December.

The semi-detached segment remained essentially flat year-over-year, with the average sale price at $1,047,728. Active listings finished the month at 798, reflecting a 143 per cent year-over-year increase and a 98.5 per cent jump from the 10-year monthly average. Semi-detached sales rose 20 per cent from December, totalling 349 transactions.

As January closes, the GTA real estate market remains in transition. While prices have softened, inventory levels are at historic highs, and buyer activity is showing some resilience. The coming months will be pivotal in determining whether this is a temporary reset or the beginning of a more prolonged adjustment.

At Royal LePage®, our 110-year legacy of serving Canadians ensures that buyers and sellers receive expert guidance through every market cycle. As a proudly Canadian company, we remain committed to helping our clients navigate the evolving real estate landscape with confidence and clarity.

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2024 Year in Review: Insights into the Greater Toronto Area Housing Market

The GTA real estate market wrapped up 2024 with an average sales price of $1,067,186, representing a 1.6 per cent decline compared to the previous year. Full-year data revealed an average sales price of $1,111,487, indicating a relatively stable selling price over the past twelve months. Total annual sales reached 67,907, a 2.5 per cent increase year-over-year.

The defining theme of 2024 was inventory. Active listings surged dramatically throughout the year, reaching a record-breaking total of 230,949—a significant 42.6 per cent increase. December followed the usual seasonal pattern of reduced activity, yet the year closed with 15,393 active listings, setting a new high for December inventory levels. This surge reflected a mix of cautious buyers and sellers adjusting to a shifting market environment.

In 2024, the Bank of Canada implemented five consecutive interest rate cuts, reducing the benchmark rate by a cumulative 175 basis points. Starting in June and concluding with two substantial 50 basis point reductions in October and December, the policy rate ended the year at 3.25 per cent. These cuts created a more favourable environment for prospective buyers, particularly those entering the market. According to Royal LePage's 2025 Market Survey Forecast, the aggregate market is expected to see a 5 per cent year-over-year increase.

“Improved lending conditions, combined with declining interest rates, will unlock new housing opportunities for many Canadians in the new year. First-time buyers will be the primary beneficiaries of these initiatives, as their ability to borrow more for less with a smaller down payment will help bring them closer to their first home purchase,” said Phil Soper, President and CEO of Royal LePage.

The detached home segment ended the year with a December average sales price of $1,399,209, reflecting a 1.3 per cent yearly decline. The yearly average price for detached homes was $1,445,133, representing a modest $3,000 drop. Annual sales totaled 30,783, a 3.7 per cent increase from the previous year. Meanwhile, inventory levels grew 35.9 per cent year-over-year, ending the year with 95,590 active listings.

Condominium prices in December averaged $681,855. For the full year, the average condo price was $700,463, a 1.7 per cent decrease compared to 2023. Annual condo sales totaled 18,771, down by 2 per cent from the prior year. While sales were slightly lower, active listings increased sharply by 48.8 per cent, reaching 89,119 by year-end.

Townhomes closed the year with an average December sales price of $1,015,505, contributing to a yearly average of $1,012,792—a 2.6 per cent decline compared to 2023. Annual sales in this segment climbed 10 per cent to 6,621 transactions. However, inventory also rose significantly, with active listings increasing 31.5 per cent to 10,782 by the end of the year.

The semi-detached segment showed stronger performance, with an average December selling price of $1,088,543, a 5.9 per cent increase over the previous year. This brought the yearly average sale price to $1,096,619, a modest $2,000 decline from the 2023 average. Annual sales totaled 5,970, up by 4 per cent, while inventory rose 31.5 per cent, reaching 10,782 active listings for the year.

“Market conditions varied by market segment in 2024. Sales of single-family homes, including detached houses, increased last year, whereas condo apartment sales were down. 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,” said TRREB Chief Market Analyst Jason Mercer.

The GTA’s housing market in 2024 reflected both the challenges of recent years and the beginnings of a recovery. The high inventory levels created opportunities for buyers, while sellers adjusted to evolving market conditions.

As 2025 begins, the Greater Toronto Area housing market is poised for increased activity and growth. With interest rates continuing to decline, improved affordability, and rising buyer confidence, the outlook for the coming year is optimistic. Renewed momentum, alongside efforts to expand housing supply, offers hope for greater balance and opportunity for both buyers and sellers in the months ahead.

If you want to discuss how these trends relate to your situation or are curious about your property’s value or affordability, feel free to reach out!

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Buying Activity Increases Across the GTA as Purchasing Power Improves

Home sales across the Greater Toronto Area (GTA) continued to rise in November, driven by increased demand, especially for detached properties. A total of 5,875 homes were sold, reflecting a 38 per cent year-over-year increase and building on the 43 per cent growth seen in October. The region’s aggregate sale price also climbed by 2 per cent compared to last year, reaching an average of $1,106,050, largely due to heightened demand for larger properties.

Inventory levels dipped slightly month-over-month to 21,818 units, in line with typical seasonal trends as we enter winter. However, compared to the same time last year, inventory levels were up 30 per cent, providing buyers with a significantly larger selection of properties.

The GTA is also seeing increased interest from American buyers, particularly following the 2024 U.S. presidential election. Data from royallepage.ca, Royal LePage’s consumer real estate portal, showed a notable spike in U.S.-originated sessions the day after the election. This has led some Americans to explore the possibility of relocating to Canada.

"Consistently ranked as one of the best countries in the world to live in, Canada continues to be a top destination for international relocation—a trend that is unlikely to change in the years ahead," said Phil Soper, president and CEO of Royal LePage.

Detached homes continued to lead the market in November, with 2,669 homes sold, marking a 42 per cent increase year-over-year. The average sale price for detached properties rose 3.4 per cent to $1,452,518. Inventory for detached homes dropped to 5,096, reflecting an 8 per cent decrease from October, though it remained 21 per cent higher compared to the previous year.

The condominium market saw a modest price dip of $4,439 month-over-month, bringing the average sale price to $689,599. Sales remained strong, with 1,640 units sold, up 28 per cent year-over-year. Condo inventory rose by 25 per cent to 8,209 units, continuing the trend of increased choices for buyers.

Townhomes experienced the largest yearly growth in sales, with 582 units sold—a 60 per cent year-over-year increase. Prices remained steady month-over-month, with the average sale price at $994,251. Inventory levels also rose, with 1,542 townhomes available, marking a 36 per cent year-over-year increase.

The semi-detached segment showed more moderate growth, with 502 properties sold, a 24 per cent increase from last year. Prices dipped by 2.8 per cent month-over-month, bringing the average sale price to $1,077,254. Semi-detached inventory rose to 1,110 units, a 38 per cent year-over-year increase.

“Market conditions have tightened, particularly for single-family homes. The detached market segment has experienced price growth above inflation, especially in the City of Toronto. Meanwhile, the condominium segment continues to see lower average selling prices compared to last year, offering condo buyers a lot of choice and negotiating power. As borrowing costs decrease in the months ahead, this will likely attract more renter households into homeownership,” said TRREB Chief Market Analyst Jason Mercer.

As we approach the end of the year, the GTA continues to be one of Canada’s most sought-after real estate markets. With the expected increase in purchasing power due to lower interest rates and changes to mortgage rules, it’s anticipated that more buyers will enter the market in 2025, driving higher sales activity.

If you want to discuss how these trends relate to your situation or are curious about your property’s value or affordability, feel free to reach out!

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Toronto Market Heats Up: Rising Sales, Stable Prices Amid Interest Rate Drops

October Highlights: A Positive Shift in the Greater Toronto Area Real Estate Market

October brought an exciting surge in home sales across the Greater Toronto Area (GTA), reflecting a dynamic shift in the market landscape. A total of 6,658 properties went under contract, showcasing a remarkable 33% increase from September and an impressive 43% jump year-over-year. This momentum is a strong indicator of renewed buyer confidence!

Home prices also experienced a modest rise, up 2.5% from the previous month, with the average sale price reaching $1,135,215. Although active listings saw a slight decline of 4% to 24,481, the market welcomed 15,328 new properties, ensuring buyers have plenty of options to choose from.

The recent 50-basis-point rate cut by the Bank of Canada is expected to significantly impact the GTA real estate market. Lower borrowing costs are likely to entice more buyers, especially those who felt restricted by higher rates. With affordability being a key concern, reduced mortgage rates may provide welcome relief for prospective homeowners, particularly first-time buyers eager to step into the market. Phil Soper, President and CEO of Royal LePage, noted that, “Activity in Canada’s housing market has been sluggish in many regions due to higher borrowing costs, but today’s more aggressive cut to lending rates could cause the tide to turn quickly.” For those with variable-rate mortgages or approaching loan renewals, this news couldn’t be better timed!

Segment Breakdown

Detached Homes
The detached market showcased strong performance with 3,139 sales, marking a 33% monthly increase and a remarkable 45% rise compared to last year. The average price for detached homes reached $1,462,838, reflecting a healthy month-over-month increase of 2.8%. Inventory remains elevated, with 10,610 active listings—24% higher than in October 2023—giving buyers plenty of choices.

Condos
The condo market also made impressive strides, with sales climbing to 1,722 units, which is a 31% increase from the previous month and a 33% increase year-over-year. The average condo price rose by 1.6%, reaching $694,038. While active listings for condos decreased slightly by 2% to 8,774, it’s only the second decline in inventory this year, and condo inventory remains 26% above last year’s levels.

Semi-Detached Homes
In the semi-detached segment, sales reached 612 units, reflecting a 37% increase from September and a 43% rise from the previous year. The average price for semi-detached homes increased by 1.5% to $1,108,376, with inventory exceeding historical norms at 1,259 active listings—up 13% year-over-year.

Townhomes
Townhome sales also rebounded strongly, with 681 units sold—a fantastic 37% monthly increase and an impressive 69% increase year-over-year. The average sale price for townhomes reached $1,007,417, reflecting a 2.5% increase and marking the first monthly price gain since April.

Looking Ahead

Overall, October was a vibrant month for real estate in the Greater Toronto Area, and we anticipate that improving sales figures will continue as the Bank of Canada progresses with its monetary easing cycle. As borrowing costs decline, property prices often trend upward. TRREB Chief Market Analyst Jason Mercer emphasizes that, “Market conditions did tighten in October, but there is still a lot of inventory and therefore choice for home buyers.” This abundance of options will help keep home price growth moderate in the coming months. However, as inventory is absorbed and home construction struggles to keep pace with population growth, we expect selling price growth to accelerate, particularly as we approach the spring of 2025.

If you would like to understand how these statistics relate to your specific situation or if you're curious about the current value of your property or your affordability for a new purchase, please don't hesitate to reach out.

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GTA Real Estate Market Navigates High Supply and Modest Price Shifts

Homes across the GTA continued to sell, with steady activity following three consecutive 25-basis-point interest rate cuts by the Bank of Canada—the first time this has happened since the 2009 financial crisis. While analysts anticipated a more robust second half of the year, there is still optimism for a positive shift in the market in the coming months despite September’s more moderate performance.

“The annual improvement in September home sales was more than matched by the increase in new listings over the same period. This resulted in a better-supplied market and 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, which are popular with first- time buyers,” said TRREB Chief Market Analyst Jason Mercer. 

As mentioned earlier, home sales were up on a yearly basis, with sales rising to 4,996 a 7.6 per cent increase across the region. However, while sales ticked higher, so did available listings. Total inventory remained elevated at 25,612 properties for sale. This resulted in an average sales price of $1,107,291, reflecting a 3 per cent increase month-over-month but down 1 per cent year-over-year. To highlight the supply-demand imbalance, the ten-year historical monthly average for active listings is 16,641, indicating a 53 per cent surplus of homes for sale compared to typical levels. Meanwhile, the historical average for sales in September is 7,747, marking a 35 per cent deviation from the norm.

Detached homes across the Greater Toronto Area (GTA) continued to perform strongly, with the average sale price soaring to $1,423,056. This represents a robust 10 per cent increase in sales compared to the same period last year, further underscoring the desirability of detached properties in the region. In tandem with higher sales, inventory levels also rose to 11,241 homes, marking a significant 33 per cent year-over-year increase. The increased supply ensures that potential buyers have a wider selection, even in a competitive market.

Condominium sales, on the other hand, faced ongoing challenges, with the average sale price at $682,542. A total of 1,312 condo sales were recorded in the month, reflecting a market largely stagnant compared to last year but a significant -34 per cent below the ten-year monthly average. Meanwhile, inventory levels have risen steadily, reaching 8,981 active listings, an astonishing 77 per cent increase from historical averages, giving buyers a wide array of choices despite the slower sales pace.

The outlandish stat of the month comes from the townhouse sector. For the first time, there were over 2,000 active listings, representing a staggering 107 per cent increase from the preceding ten years of September data. With such an abundance of inventory, buyers have the unique opportunity to capitalize on this surplus, with the average sales price settling at $982,656.

Semi-detached homes also showed resilience, with the average sale price reaching $1,090,749, reflecting a 6 per cent increase from the previous month while holding steady year-over-year. Inventory rose to 1,333 properties, indicating a 23 per cent year-over-year increase. Sales activity began to pick up as well, with 446 homes sold, marking a 4 per cent increase from last month and an 11 per cent improvement year-over-year. The semi-detached market is gaining momentum as buyers take advantage of the stable pricing and increased availability.

Looking ahead, the Greater Toronto Area real estate market remains in a delicate balance. While interest rate cuts and increased inventory provide more opportunities for buyers, price stability across various property types will likely depend on how quickly demand catches up with supply. As we move into the final months of the year, both buyers and sellers will be keeping a close eye on economic conditions and market trends, with cautious optimism for stronger activity in the coming months. The GTA continues to be a desirable region, but the market's performance will hinge on its ability to absorb the elevated levels of inventory while maintaining buyer confidence.

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If you would like to understand how these statistics relate to your specific situation or if you're curious about the current value of your property or your affordability for a new purchase, please don't hesitate to reach out.

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Emerging Trends in the Greater Toronto Area Housing Market

The Greater Toronto Area (GTA) housing market concluded the summer with higher inventory and lower sales compared to the previous year. In August, the average home sold for $1,074,425, reflecting a slight annual decrease of less than 1%. Active listings remain elevated, with 22,653 homes on the market—a 51% increase above the 10-year monthly average. Sales activity over the summer was sluggish, and August continued this trend, recording 4,975 sales, a 36% decline from the 10-year monthly average.

“The Bank of Canada’s rate cut announced on September 4 will lead to a further improvement in affordability, especially for those using variable rate mortgages. First-time buyers are especially sensitive to changes in borrowing costs. As mortgage rates continue to trend lower this year and next, we should experience an uptick in first-time buying activity, including in the condo market,” said Toronto Regional Real Estate Board (TRREB) President Jennifer Pearce.

Throughout August, all asset classes experienced price declines as increased inventory and slower sales impacted overall market performance. The most significant drop was in the condo market, where the average sales price fell to $674,706—a 6% monthly decline and a 16.5% correction from the March 2022 peak, when condos averaged $808,566. Inventory remains elevated, with a 52% year-over-year increase, resulting in 8,336 active condos for sale.

Detached home sales in August totaled 2,218, reflecting a modest 2% annual decline. Detached homes in the GTA now have an average sales price of $1,414,070, representing a negligible 0.16% decrease compared to August 2023. Inventory remains high, with 9,614 active listings, a 39% year-over-year increase.

Townhome and semi-detached property sales were 496 and 427, respectively. Townhome sales matched the number from the previous year, while semi-detached sales declined by 4%. The current average sales price for townhomes is $991,307, marking a 3% annual decrease, while semi-detached properties are selling for an average of $1,026,435, reflecting a similar 3% annual drop.

Overall, the GTA housing market continues to undergo a period of transition, characterized by elevated inventory and slower sales, with the condo market emerging as a potential focal point. The recent interest rate cuts by the Bank of Canada, along with easing prices, may present a unique opportunity for buyers. As market conditions evolve, those considering entering the market or making strategic purchases should stay informed and patient, carefully evaluating their options in this dynamic environment. With ample inventory and less competitive pressure, now could be an opportune time to explore potential long-term gains in the Greater Toronto real estate market.

Please read the FULL REPORT HERE:

If you would like to understand how these statistics relate to your specific situation or if you're curious about the current value of your property or your affordability for a new purchase, please don't hesitate to reach out.

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Buyer Activity Increases Amidst Greater Inventory

The Greater Toronto Area real estate market saw a rise in buyer activity in July 2024, with sales increasing compared to the same period last year. Despite this uptick, buyers continue to benefit from a well-supplied market, as new listings outpaced sales growth, providing more choices and slightly easing price pressures.

In July 2024, 5,391 home sales were reported, marking a 3.3 per cent increase from July 2023. New listings rose by 18.5 per cent year-over-year to 16,296, offering buyers a broader selection of properties. Despite the increased inventory, the average selling price was $1,106,617, down just 0.9 per cent from last July, indicating stable pricing amidst higher supply.

Interest Rates and the Housing Market

The Bank of Canada's recent rate cuts have positively impacted buyer confidence in the GTA real estate market. As reported by The Globe and Mail, "The widely anticipated move brings the bank’s policy rate to 4.5 per cent from 4.75 per cent. It’s the second step in a long-awaited easing cycle that is slowly normalizing borrowing and debt-servicing costs for Canadians." As the cost of borrowing continues to decrease, more potential buyers are expected to enter the market, encouraged by lower monthly mortgage payments and improved affordability. TRREB President Jennifer Pearce anticipates that this trend will lead to an acceleration in sales, as lower interest rates make homeownership more accessible to a broader range of buyers.

July 2024 Asset Class Performance

·         Condos: Sales totaled 1,482, reflecting a 1 per cent year-over-year decline. Despite a 64 per cent increase in listings to 8,879, the average price remained stable at $718,698.

·         Detached Homes: The detached segment recorded 2,446 sales, slightly down from last year, with an average price of $1,425,927, a 3 per cent year-over-year decrease. Inventory reached 10,083, the second consecutive month of the highest inventory since September 2019.

·         Semi-Detached and Townhouses: Semi-detached home prices fell to $1,067,576, a 3 per cent decrease, with sales of 471. Townhouses averaged $1,018,731, a 1 per cent decrease, with sales of 504. Both asset classes saw significant inventory increases, offering buyers substantial choices.

Future Outlook

The recent interest rate cuts by the Bank of Canada have begun to rejuvenate buyer confidence, starting to make borrowing more affordable and stimulating interest in home purchases. As these rates continue to decline, the market is well-positioned for further sales growth.

With inventory levels currently high, buyers have more options, leading to stable prices. However, as this inventory is gradually absorbed and borrowing costs continue to decrease, there is potential for upward pressure on home prices.

Please read the FULL REPORT HERE:

If you would like to understand how these statistics relate to your specific situation or if you're curious about the current value of your property or your affordability for a new purchase, please don't hesitate to reach out.

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GTA Market Sees More Listings, Stable Prices

After four years of elevating borrowing costs, interest rates finally dropped in June, leading to buyer optimism. However, as the June data indicates, this has not yet translated into increased sales. Sales fell to 6,213, marking a 16 per cent decline compared to the same period last year. Despite this, there are reasons for optimism for both buyers and homeowners.

For buyers, the good news is that not only have interest rates begun their descent, inventory has increased and prices remain stable. The average home in the GTA now sells for $1,162,167, essentially unchanged compared to last month and 1.69 per cent below last June.

For homeowners, despite a yearly increase of 67 per cent in active listings, a prolonged period of high interest rates, and recent changes to Canada’s capital gains tax, home prices have proven resilient. As buyers regain market confidence and monetary policy continues to ease, home prices are expected to climb once more.

Royal LePage president Phil Soper is forecasting an increase in home sales and prices after the Bank of Canada made its first interest-rate cut in four years.“It’s been four long years since Canadians have experienced a policy-driven drop in the cost of borrowing,” Mr. Soper said to The Globe and Mail. He said the small rate cut and stronger consumer confidence will generate a “material lift” in sales and “accelerated home price appreciation.”

Inventory across all asset classes increased over the past month, likely contributing to the slower-than-typical seasonal buying activity, however, the desire to own a home remains strong. A recent report by Royal Lepage indicates that more than a quarter of renters in Canada plan to purchase a home within the next two years.  Unsurprisingly, affordability of homes was the main consideration for renters deciding whether to make the leap to home ownership.

Examining individual asset classes across the GTA, the condo sector had the highest number of active listings at 8,806. Even with an 83 per cent yearly inventory increase, the average condo price decreased by only 1.5 per cent to $727,861. However, sales totalled 1,520, marking a 28 per cent decline and the fourth consecutive month of decreasing sales totals.

The detached market totalled 2,988 sales during the month, marking an 11.5 per cent yearly decline. Inventory swelled to 10,130, the highest total since September 2019. Detached properties throughout the month sold for an average of $1,480,399, a 3 per cent yearly decline.

The townhouse and semi-detached sectors indicated steeper yearly declines. The average sale price for a semi-detached home in the GTA is now $1,102,904, reflecting a 9.2 per cent yearly decline. The average townhouse sold for $1,021,866, marking a 6 per cent yearly decline. Both asset classes saw yearly increases in inventory with diminishing sales totals. The semi-detached inventory finished the month at 1,118, a 45.7 per cent yearly increase, with sales of 599, an 11.6 per cent decline. Townhome listings totalled 1,760, an 81.8 per cent yearly increase, with sales of 567, a 14.6 per cent decline.

“The GTA housing market is currently well-supplied. Recent home buyers have benefitted from substantial choice and therefore negotiating power on price. Moving forward, as sales pick up alongside lower borrowing costs, elevated inventory levels will help mitigate against a quick run-up in selling prices,” said TRREB Chief Market Analyst Jason Mercer. 

Overall, while sales have yet to pick up as expected, the market shows signs of resilience with increased inventory and stable home prices. Buyers and sellers alike should remain optimistic as the market continues to adjust to the new interest rate environment.

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If you would like to understand how these statistics relate to your specific situation or if you're curious about the current value of your property or your affordability for a new purchase, please don't hesitate to reach out.

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Inventory Climbs as Bank of Canada Cuts Key Interest Rate for First Time in Four Years

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https://ebook.royallepagecorporate.ca/view/239696878/

Spring Sees More Listings, Stable Prices in the GTA

In April, the GTA witnessed an increase in new listings, seeing 18,088 properties available for sale.  Notably, this is the highest April inventory in the city since 2018. More properties for sale is welcome news for buyers who have been grappling with inventory scarcity in the preceding years.

More listings resulted in an 8% increase in sales last month compared to March.  This  represents the highest level of sales activity we have seen this year, and the highest number of sales since June of 2023.  Against this backdrop, the average sales price for the month reached $1,156,167, a modest uptick of a quarter of a percent compared to the preceding year.

Looking at individual market segments, the detached market saw an uptick in price, with the average price increasing by 3.3% on a monthly basis to $1,516,070. Detached inventory soared by 68% on a monthly basis, resulting in 7,619 actively listed homes throughout the GTA. Sales figures were bolstered by a 9.7% monthly increase, with 3,175 detached homes securing buyers during the month.

Condo sales also experienced a notable price increase of 9.2% on a monthly basis, resulting in 2,013 sales. This led to an average sales price of $728,067, marking a 4% increase from the previous month. Mirroring the rise in sales, condo inventory rose by 77.8% month over month, with 7,015 condominiums listed for sale across the GTA, marking the highest level since October 2020.

Townhome inventory emerged as the standout performer of the month, doubling the number of active listings compared to the previous month. With 1,235 townhomes for sale and 655 sales recorded throughout the month, the segment achieved an average sales price of $1,044,986. Notably, townhomes stood out as the only market segment to surpass the 100% threshold of listing price versus selling price, with properties on average fetching 105% of the listed price during April.

As highlighted in the recent release by Royal LePage Toronto is set to steal Vancouver’s title as Canada’s most expensive housing market by the end of the year.  “At the end of 2023, we forecast modest price gains in the first half of this year and stronger appreciation in the third quarter, following one or more expected rate cuts. What we’ve seen so far is a boost in sales volumes and prices even greater than predicted,” Karen Yolevski, chief operating officer of Royal LePage Real Estate Services Ltd, said of the Toronto market.“Consistent with our previous forecast, the market did reach a critical tipping point in the first quarter of 2024, when home prices bottomed out and began to appreciate again,” said Phil Soper, president of Royal LePage.

The notion that GTA home values are expected to continue to rise through 2024 and beyond is echoed by TRREB “Generally speaking, buyers are benefitting from ample choice in the GTA resale market in April. 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 to come, which will result in renewed price growth, especially as we move into 2025,” said TRREB Chief Market Analyst Jason Mercer.

April also saw a number of new housing announcements make headlines. The Federal budget contained a number of new initiatives to spur housing supply and support affordability, including the augmentation of RRSP withdrawal limits for first-time homebuyers and the extension of mortgage amortization periods. Royal LePage applauds these measures and additional efforts to increase supply, provided they are supported by concrete action.

If you would like to understand how these statistics relate to your specific situation or if you're curious about the current value of your property or your affordability for a new purchase, please don't hesitate to reach out.

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March Momentum: GTA Real Estate Market Ends Q1 with Continued Price Growth and Increased Buyer Activity

In March, the Greater Toronto Area saw notable increases in sale prices, inventory levels, and buyer activity. The average home in the GTA now commands a price of $1,121,615, reflecting a 1.17% uptick compared to the same period last year. Active listings increased by 23% year-over-year, with 12,459 properties available for sale. Last month, sellers saw GTA properties fetching an average of 102% of the asking price. Buyer activity, while not as strong as last March, increased over February, with sales rising by 16% month-over-month.

Jason Mercer, Chief Market Analyst at the Toronto Regional Real Estate Board (TRREB), noted, “The average selling price edged up in comparison to last year as we moved through the first quarter of 2024. 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 and sellers’ market conditions start to emerge in many neighbourhoods.

Lower borrowing costs in the months ahead will help fuel increased demand for ownership housing.” Delving into specific asset classes, the detached segment emerged as the top performer for March, with monthly property values climbing by $22,785 or 1.58%, culminating in an average sales price of $1,466,397. Despite a 10.5% monthly uptick in inventory, it was swiftly absorbed by a 15.9% surge in sales. Impressively, the semi-detached segment witnessed a 25% monthly sales increase, commanding an average of 107% of the asking price in March, resulting in an average sale price of $1,121,645, marking 3.1% yearly growth.

Meanwhile, the townhouse and condo segments experienced more tempered monthly gains. Townhomes boasted an average selling price of $1,039,124, while condos saw average sale prices reach $700,046, representing monthly increases of $5,113 and $4,701, respectively. Notably, both markets saw more inventory come to market, evidenced by a 15% monthly uptick in townhouse inventory and a 12.8% rise in condo listings.

Sales figures in both segments saw 16% growth, underscoring sustained demand. Now that the March school break and holidays are behind us, we should continue to see an uptick in sales activity and prices as we move through April. With anticipated interest rate cuts on the horizon, we will see more buyers come off of the sidelines and compete for available inventory. Tight supply conditions, particularly in the coveted detached segment, will continue to drive higher home prices for the foreseeable future.

Amidst greater competition and rising prices, the struggle to develop new housing options is ongoing. Ontario's recent budget announcement contained a number of housing-related initiatives to encourage new supply, particularly in the rental market, however it lacked the significant focus on housing policies required to make tangible progress on the affordable supply crisis faced by the province now, and longer term. Without an influx of supply or substantially weakened demand, neither of which appear to be on the horizon, the price of homes will continue to rise faster than projected, potentially benefiting sellers, but putting first-time buyers who delay entry into the market at a disadvantage.

If you would like to understand how these statistics relate to your specific situation or if you're curious about the current value of your property or your affordability for a new purchase, please don't hesitate to reach out.

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