The Greater Toronto Area (GTA) real estate market saw a significant increase in home sales in October 2024, driven by improved affordability from lower borrowing costs and relatively stable prices.
In 2023, car thefts surged dramatically across Toronto and the Greater Toronto Area (GTA), with over 12,000 vehicles reported stolen in the city alone.
In September, GTA home sales rose by 8.5% year-over-year, with a total of 4,996 transactions. As the Bank of Canada lowered interest rates and changes to mortgage lending guidelines were introduced, many buyers found themselves in a more favourable position to enter the market.
July 2024 saw the average home price in the GTA experience a slight dip of 0.9% year-over-year, settling at $1,106,617 with detached homes being the least affected by the market slowdown.
In June 2024, the Greater Toronto Area (GTA) experienced a notable shift in its real estate landscape. Despite the Bank of Canada's recent rate cut aimed at stimulating the market, home sales dropped by 16.4% compared to the same time last year.
The Toronto real estate market had a set of very mixed results for the month of April with the condo market experiencing a large slump in sales due to a substantial influx in inventory while semi & detached home sales/prices have surged.
For homeowners in Canada looking to renewal their mortgage in 2024, many of the current prospects are quite awful when compared to the very low rates they've been accustomed to seeing over the past 5 years.
The year started off with a strong surge of sales compared to the same period in 2023 with condos seeing the biggest increase (+46.4%) as many new construction projects take occupancy.
Toronto real estate saw a strong start to 2024 with sales surging 37% higher than January 2023 while prices softened slightly (-1%).
The luxury home market in Toronto has seen a slow start to 2024 with only 72 properties sold above $2 million in January & many of these going for under list price.
