The Greater Toronto Area (GTA) real estate market experienced a dynamic year in 2024, marked by modest ...
On December 11, 2024, the Bank of Canada announced a 0.50% cut to its key interest rate, bringing it ...
As we close in on the end of 2024, it’s clear that the Greater Toronto Area’s housing market is picking ...
We’re honored and grateful to share some wonderful news—Royal LePage Terrequity Realty has been named ...
If you're dreaming of buying your first home, you’ve probably wondered, "How am I going to save up for ...
Dive into October 2024's market trends, including price shifts, neighborhood insights, and key stats ...
I have listed a new property at 2802 33 Sheppard AVE E in Toronto. See details here
Luxury Minto Gardens. Bright, Spacious Corner Unit With **Clear Breathtaking Views* Available For Occupancy. *1105 Sf Plus Open Balcony* *Hardwood Floors* *Granite Counters * Fantastic Building Amenities Include: 24 Hr Concierge, Indoor Pool. Billiards, Cafe Lounge, Piano Bar, Library, Media Room, Terrace W/Bbq.
On December 11, 2024, the Bank of Canada announced a 0.50% cut to its key interest rate, bringing it down to 3.25%. This marks the fifth rate cut since June. While the reduction is significant, the Bank has signaled that the pace of future cuts will likely slow.
Interest rate changes influence many aspects of the economy and personal finances. Here’s what this latest adjustment could mean for you:
Lower Borrowing Costs: Big banks like TD, RBC, and others have already reduced their prime rates to 5.45%, which can make borrowing more affordable for mortgages, car loans, and personal loans.
Real Estate Impacts: Lower rates may make it easier for buyers to qualify for mortgages, potentially boosting activity in the housing market.
Savings Accounts: On the flip side, interest earned on savings may decrease, affecting returns for savers.
For Buyers: Lower rates mean reduced monthly mortgage payments, making homeownership more attainable. This could be a good time to explore the market if you’re considering purchasing a home.
For Sellers: Increased buyer activity might create more competition for properties, potentially supporting home prices. However, competitive pricing remains essential as market dynamics vary by location and economic factors.
The graph below illustrates the Bank of Canada's interest rate changes over the last three years. After peaking earlier in 2024, rates have steadily declined, with the latest cut reflecting efforts to support the slowing economy while keeping inflation near the 2% target.
The Bank of Canada has emphasized a cautious approach moving forward, signaling that future decisions will be made “one meeting at a time.” Some Economists predict rates may stabilize between 2.5% and 3%, a range considered neutral for balancing economic growth and inflation control.
However, challenges remain. Potential U.S. tariffs could affect Canadian exports, adding uncertainty to the economic outlook.
The recent rate cuts aim to balance a cooling economy and steady inflation, offering opportunities like cheaper borrowing costs and potentially more active housing markets. Still, broader economic conditions warrant careful consideration for major financial decisions.
Stay informed as the Bank of Canada continues to adjust its policies. Understanding these changes can help you navigate their impacts on your finances and the real estate market.
Subscribe to our newsletter for insights and tips to make informed decisions in today’s dynamic market.
As we close in on the end of 2024, it’s clear that the Greater Toronto Area’s housing market is picking up. November brought significant changes.
Sales Activity: November saw 5,875 homes sold, marking a 40.1% increase compared to November 2023. More affordable market conditions and lower borrowing encouraged many buyers to enter the market, boosting sales activity.
Average Price: The average selling price increased to $1,106,050, reflecting a 2.6% increase year-over-year. Detached homes led the price growth, especially in Toronto, while condos remained an affordable option for buyers seeking negotiation power.
Inventory: New listings rose 6.6% year-over-year, with 11,592 properties hitting the market. However, sales outpaced listings, resulting in tighter market conditions
Months of Active Inventory: The supply of active listings translates to 3.71 of inventory and more of a balanced market overall. Note, this is not reflective of the entire market. For example, in the City of Toronto detached homes the number is much lower at 2.89 Months, and in contrast Central Toronto Condos there is 5 months of inventory.
When we zoom in on specific cities, the market dynamics become even more interesting:
Markham: Detached and semi-detached homes experienced price declines of 6.83% and 3.2% year over year respectively, but are up month over month, while townhouses rose by 1.52% year over year, and 5.94% month over month. Condo prices remained stable.
Richmond Hill: Detached homes prices surged by 13.32%, with smaller gains in semi-detached and townhouses. Condos saw an 8.50% drop, presenting opportunities for buyers.
Vaughan: Detached homes fell by 6.30%, but semi-detached properties and townhouses saw gains of 5.21% and 5.24%, respectively. Condo apartments dipped by 4.14%.
Lower Borrowing Costs: Reduced inflation and stabilizing interest rates are giving buyers more purchasing power.
Detached Homes in Demand: Detached properties outperformed other segments, with prices growing above inflation.
Condo Market Opportunity: While detached homes soar, condos remain a bargain for buyers, offering plenty of inventory and negotiation leverage.
Rental Market Strength: As more renters transition into homeownership, rental supply remains steady. High immigration continues to support rental demand, balancing the market.
The stage is set for a continued market recovery in the new year:
Market Recovery Acceleration: Lower borrowing costs and reduced monthly mortgage payments will likely drive more activity.
Steady Price Growth: Expect home prices to continue their upward trend, especially in high-demand areas.
Mortgage Rule Changes: Some of the bold changes to mortgage rules will be in effect going into 2025 which will make mortgages more affordable and increase purchasing power
If you’ve been waiting for the right time to buy, consider making your move now. Plenty of opportunity with good amount of inventory and favorable interest rates now and into the new year. Condos in particular offer plenty of choice and negotiating opportunities.
With demand outpacing supply, it’s could be an ideal time to list your property. The right pricing and marketing strategy could help you maximize returns in this competitive market.
Want the latest GTA real estate trends delivered straight to your inbox? Subscribe to our newsletter and never miss a monthly market report. Stay ahead in the market—sign up today!
The GTA real estate market this November reported a home sales soared by an impressive 40.1% compared to last year, with 5,875 homes sold. New listings were also up by 6.6%, but since sales grew much faster, the market is tightening up.
The average home price in the GTA climbed to $1,106,050, up 2.6% year-over-year, driven by a higher number of detached home sales. Detached homes, especially in Toronto, saw prices rising faster than inflation. Condos, however, remain a budget-friendly option, giving buyers more room to negotiate.
This activity is fueled by lower borrowing costs and improved economic conditions, creating the perfect setup for an exciting 2025 in real estate!
Check out November’s GTA Market Watch charts for a quick overview:
Want to stay ahead in the market? Sign up for our monthly newsletter to get easy-to-read updates, trends, and tips about buying or selling in the GTA real estate market. Sign up today!
We’re honored and grateful to share some wonderful news—Royal LePage Terrequity Realty has been named the 2024 Readers’ Choice Diamond Award Winner by the Toronto Star! What makes this especially meaningful is that it’s our third consecutive year being recognized as the Top Real Estate Brokerage in the GTA.
This recognition is not just about us—but our clients, partners, and community, who have placed your trust in us to guide you through some of life’s most significant moments. Whether it’s buying, selling, or investing, being part of your journey is what inspires us every day.
The Diamond Award is chosen by readers like you, and it reminds us how important it is to serve with care, professionalism, and dedication. At Royal LePage Terrequity Realty, our team strives to be Proactive Trusted Advisors—putting your goals at the heart of everything we do.
We’re also humbled to share that for the past 8 years, we’ve been recognized with the Consumer’s Choice Award, making this year’s dual recognition extra special. These achievements are a reflection of the collective effort of our agents, staff, and, most importantly, the trust you continue to place in us.
This award reaffirms our commitment to providing the best possible service to you. Whether it’s your first home, your dream property, or an investment opportunity, our focus is on ensuring your experience is seamless, informed, and rewarding.
It’s not about the awards—it’s about the results and the satisfaction of seeing you achieve your real estate goals.
To everyone who voted, supported, and believed in us—thank you. This achievement is as much yours as it is ours. Your referrals, kind words, and confidence in our team mean the world to us and motivate us to keep striving for excellence.
If you’re considering buying, selling, or investing in real estate, we’d be honored to support you. Reach out today and let’s work together to make your real estate dreams a reality.
Here’s to another year of serving you with gratitude, dedication, and a passion for making your goals come true. Thank you for being such an important part of our journey.
