Latest Blog Posts

GTA Real Estate: Insights from 2024 and What to Expect in 2025

Posted by Paul Lee on Jan 13, 2025

The Greater Toronto Area (GTA) real estate market experienced a dynamic year in 2024, marked by modest ...

Bank of Canada Cuts Interest Rates Again: What It Means for You

Posted by Paul Lee on Dec 12, 2024

On December 11, 2024, the Bank of Canada announced a 0.50% cut to its key interest rate, bringing it ...

November 2024 GTA Market Report: Trends Buyers and Sellers Should Know

Posted by Paul Lee on Dec 10, 2024

As we close in on the end of 2024, it’s clear that the Greater Toronto Area’s housing market is picking ...

Third Time’s A Charm: Royal LePage Terrequity Realty Receives the Readers’ Choice Diamond Award 2024

Posted by Paul Lee on Dec 04, 2024

We’re honored and grateful to share some wonderful news—Royal LePage Terrequity Realty has been named ...

The FHSA Advantage: Turning First-Time Buyers Into Homeowners

Posted by Paul Lee on Nov 29, 2024

If you're dreaming of buying your first home, you’ve probably wondered, "How am I going to save up for ...

October 2024 Toronto Real Estate Update: Sales Rising, Inventory Tightens

Posted by Paul Lee on Nov 08, 2024

Dive into October 2024's market trends, including price shifts, neighborhood insights, and key stats ...

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Bank of Canada Cuts Interest Rates to 3.75%

If you’re looking to buy, sell, or refinance, this shift in interest rates is welcome new and could work in your favor. Lower lending costs and more options for both buyers and homeowners.

Here’s a summary of what going on around the decision of this latest BOC rate cut at its last meeting and the direction rates may continue to head:

The Canada economy has grown slowly at around 2% in early 2024, but spending per person is beginning to slow down. On top of that, the job market remains soft, with a 6.5% unemployment rate. This has been tough for young people and newcomers to Canada.

Looking ahead, the economy is expected to pick up slightly, with growth estimated at 1.2% in 2024, 2.1% in 2025, and 2.3% in 2026. With lower interest rates spending is expected to increase gradually. Plus, demand for housing and business investments should also grow as the economy gets stronger.

Inflation has dropped significantly since earlier this year, falling from 2.7% in June to 1.6% in September. While housing costs are still high, they are starting to ease. Additionally, lower oil prices are bringing down gas prices. Overall, extra supply in the economy is helping lower the prices of many goods and services.

Going forward, inflation is expected to stay close to the Bank’s target. As the economy strengthens, inflation should balance out, keeping prices stable for Canadians.

If the economy continues to improve, there may be more interest rate cuts. However, the Bank of Canada will carefully watch new data and decide what’s best to keep inflation steady around 2%.

The Bank’s next (and final!) rate announcement of 2024 is coming up fast on Wednesday, December 11. There is a good chance we will see another significant cut to it key rate.

Stay up-to-date to latest market trends! Subscribe to our newsletter for easy-to-read insights and tips.

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3 Simple Tips to Help You Sell Your Condo Faster

Selling your condo fast might seem like a stressful and overwhelming task, especially with the state of the current condo market. You might imagine rushing to get everything ready and fearing that you’ll have to settle for a lower price just to make a quick sale, or not selling at all. But it doesn’t have to be that way! With the right strategy, you can sell your home in a reasonable amount of time and get a good price. Here are three proven tips to help you do just that:

Pricing

1. Price It Right

The first thing to consider is your listing price. If your price is too high compared to other similar condos in your area, some buyers might not even bother booking a viewing and overlook the listing. But that doesn’t mean you have to drastically lower the price either. The goal is to be strategic—setting a competitive price that’s attractive to buyers while still maximizing your return. A well-priced property will naturally attract more interest, giving you a better chance of selling quickly.

Staging

2. Stage It Smartly

A well-staged condo makes a huge difference in how quickly it sells. The good news is, staging doesn’t need to be a lengthy or expensive process. Simple steps like cleaning, decluttering, and adding a fresh coat of paint can have a big impact. Sometimes with condos, less is more! You want buyers to walk in and imagine themselves living there, so creating a welcoming and clean space is key.

Viewing

3. Make It Easy to View

The more potential buyers see your condo, the higher the chance you’ll get a quick offer. To make that happen, you’ll need to be flexible with showing times. Many buyers are only available during evenings or weekends, so being accommodating with viewings can make a big difference. The small inconvenience of arranging last-minute showings will be worth it when your condo sells faster than you expected.

Schedule Appointment

4. Work with a Local Real Estate Professional

One of the best things you can do to ensure a smooth sale is to work with a real estate agent who is knowledgeable of the local market. A knowledgeable agent will understand what is going on in the area, know how to price your home competitively, and can offer valuable insights on staging and marketing to appeal to the right buyers to get you the best possible price. If you’re ready to get started, feel free to contact us for a complimentary consultation. We’re here to help!

Subscribe to our newsletter to receive monthly real estate updates, market trends, and expert tips directly to your inbox. Stay informed and get ahead in your real estate journey!

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GTA Home Sales Increase in September 2024: Market Changes You Need to Know

The September 2024 real estate market in the Greater Toronto Area (GTA) brought some encouraging news for both buyers and sellers. With stable home prices and interest rates starting to ease, more buyers are beginning to take advantage of the current market conditions. Let’s take a closer look at what happened in September, why it’s important, and what it means for you if you’re thinking of buying or selling a home.

Increasing Home Sales

September 2024 saw an increase in home sales compared to the same time last year. According to GTA REALTORS®, 4,996 homes were sold in September, which is an 8.5% increase from September 2023 when 4,606 homes were sold. This boost in sales is partly due to interest rates trending lower, which has made it more affordable for buyers to enter the market.

More Homes, More Choices

In addition to the rise in home sales, there has also been a significant increase in the number of new listings. In September 2024, there were 18,089 new listings, which is 10.5% more than what we saw in September 2023. This increase in listings gives buyers more options to choose from, which also increases their ability to negotiate prices.

What does this mean for buyers and sellers? For buyers, more homes on the market mean more opportunities to find a home that fits their needs and budget. Sellers, on the other hand, need to price their property strategically according to the market as buyers now have more choices.

What’s Happening with Home Prices?

While the number of homes sold and listed increased, home prices have seen a slight dip. The MLS® Home Price Index Composite benchmark was down by 4.6% compared to last year. The average selling price for a home in the GTA in September 2024 was $1,107,291, which is just a 1% decrease from the September 2023 average of $1,118,215.

Interestingly, on a month-to-month basis, the average home price inched up slightly compared to August 2024. This suggests that while prices may have dropped year-over-year, they are beginning to stabilize, which could be a sign that the market is adjusting to the new conditions.

The key points: For buyers, the dip in prices means it’s a great time to start looking for a home, especially in segments like condos and townhouses, which are seeing the biggest price drops. These more affordable housing options are especially attractive to first-time buyers who are looking to enter the market. Sellers, however, may need to adjust their expectations when it comes to pricing, but the overall increase in sales and listings shows there’s still strong interest in the market.

Positive Changes to Mortgage Guidelines

Another factor that will help home sales is the recent changes to mortgage lending guidelines. Over the past month, there have been several adjustments aimed at making it easier for homebuyers to get the possible deal on their mortgage. One key change is that existing mortgage holders can now shop around and change lenders without having to pass the stress test again. This allows for more affordable mortgage renewals, and will create more competition between lenders giving homeowners some breathing room when it’s time to refinance.

Additionally, the introduction of longer amortization periods and the option to insure mortgages for homes priced over $1 million gives buyers more flexibility, especially in a market like the GTA where home prices are much higher than the national average.

What to Expect in the Future

The increase in home sales and listings, along with changes in mortgage guidelines, points to a recovering market. As borrowing costs continue to drop, we can expect more people to enter the housing market, especially first-time buyers and those looking to invest in a second property.

If you’re thinking about buying a home, now might be the perfect time to make your move. With more homes available and rates trending lower, there’s a lot of opportunity. On the other hand, if you’re a seller, you’ll want to keep an eye on market trends and properly positioned in the marketplace when you are ready to list. While prices are slightly lower, they have stabilized and the steady rise in sales suggests there is still strong demand for homes, particularly in the GTA.

The market is changing, and there’s plenty of opportunity for those who are ready to take the next step in their real estate journey. Subscribe to our newsletter to receive monthly updates on GTA market trends.

🔗 See the market overview chart here

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Quick Insights: Market Snapshot September 2024

In line with the recent TRREB market report, September brought good news for both buyers and sellers. Home sales went up by 8.5% compared to last year, with 4,996 homes sold. There were also more homes on the market, with 18,089 new listings—a 10.5% increase from last year.

Home prices dropped a bit, with the average price at $1.1M, down just 1%. This small dip, along with lower interest rates, makes it easier for buyers to get into the market. First-time buyers, and those looking for condos or townhouses, will find great opportunities.

Mortgage rules have also improved, letting homeowners look for better rates without going through the stress test again. Longer amortization periods and the ability to insure mortgages over $1M also give buyers more flexibility.

Overall, the market is balancing out, creating benefits for both buyers and sellers.

Take a look at the full September market overview charts below:

Want monthly market insights delivered straight to your inbox? Subscribe to our newsletter and stay connected with the latest GTA real estate updates! Be part of our growing community.

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New property listed in Pleasant View, Toronto C15

I have listed a new property at 10 Yucatan RD in Toronto. See details here

*Attention Renovators* Investors* First Time Buyers* Incredible Opportunity In Desirable Pleasant View Community! A Blank Canvas With Tons Of Space For You To Renovate & Customize To Your Liking! 1300 SF Main Floor With 3Bedrooms + Office. And Large 1080SF Basement With A Separate Entrance, Kitchen, Large Rec Room, Den, And 2 Additional Bedrooms! Create A Large Family Home With A Basement Suite For Potential Income. Large Family Home For Multi Generational Living, Or Fantastic Income Property? The Choice Is Yours In This Convenient Location! Seneca College, Finch Bus To Subway, Mins To Fairview Mall, Quick Access To 404/401

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Discover Estate Living at Iris by Acorn Developments in King City

Experience the perfect blend of luxury and nature at Iris Estate by Acorn Developments in King City, where tranquility meets modern convenience. Imagine coming home to stunning 50' and 60' estate homes, featuring up to 3-car garages from the mid 2M's, making them ideal for families and those seeking an upscale living in a serene setting.

Located in the heart of King City, Iris Estate is surrounded by natural beauty and outdoor activities. Enjoy easy access to golf courses, horseback riding trails, and scenic hiking paths, all just moments from your doorstep. Whether you’re commuting to Toronto via Highway 400 or the King City GO Station, or planning a weekend escape to cottage country, Iris Estate’s location makes every journey convenient.

With beautifully crafted homes, peaceful surroundings, and proximity to key amenities, Iris Estate is your gateway to luxurious estate living.

Live where serenity meets convenience. Contact us today for a full information package and explore your next home at Iris Estate.

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Luxury Living at New Heights: Pre-Construction Condo in Festival Tower for Sale

Just listed! This pre-construction condo at Festival Tower offers a rare chance to secure your place in Vaughan's thriving, master-planned community.

Key Details:

  • Price: $659,000

  • Location: 1 Commerce St, Vaughan (Festival Tower, Building A)

  • Unit: 1 bedroom + den, 544 SF

  • Floor: 57th floor, stunning views!

  • Occupancy Date: July 15, 2025

  • Locker Included

Why Festival Condos?

Festival is part of an 80-acre master-planned community by Menkes and QuadReal in Vaughan Metropolitan Centre (VMC). With four condo towers and a vibrant open-air promenade featuring retail, restaurants, and services, this development has everything you need for a convenient and modern lifestyle.

Top Reasons to Live Here:

  1. Prime Location: Walking distance to VMC Subway Station.

  2. Quick Access: 7-minute subway ride to York University.

  3. Shopping & Entertainment: Close to Vaughan Mills, Cineplex, IKEA, and more.

  4. Future Growth: Vaughan’s downtown core is rapidly expanding, bringing new business and employment opportunities.

  5. Trusted Developers: Menkes and QuadReal are behind this exciting project.

Don’t miss this chance to own a unit in one of Vaughan’s most anticipated developments! Contact us for more details.

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Strong Fall Activity Predicted for Canada’s Luxury Homes

Even in Canada's most expensive cities, the country's luxury real estate market isn't cooling down as we head into the fall. The spring of 2024 is seeing growth in high-end property sales across Canada, a trend reported earlier this year by the most recent Royal LePage® Carriage Trade® Luxury Market Report. The first eight months of the year brought increases in almost all cities, save for Vancouver, Toronto, and Halifax which each saw small declines.

So, what does this mean for the luxury market and buyers & sellers in general?

Steady Sales, Reduced Fluctuations

Luxury real estate typically offers more stability compared to the broader market, where price fluctuations are more common. High-end buyers often take their time selecting a home, and sellers are rarely in a hurry to drop their asking prices. This year, cities like Winnipeg, Edmonton, and Calgary have seen the largest gains, driven by strong local interest and buyers from other provinces.

Meanwhile, cities like Toronto experienced a slower start to the year, partly due to the introduction of a municipal land transfer tax in January. However, activity is expected to rise in the fall. Despite this, luxury properties in Toronto continue to be highly sought after, particularly those with convenient access to the city's top amenities like restaurants, parks, and public transit.

Market Drivers

Luxury homebuyers have distinct preferences. They typically seek more than just a property—they’re after specific features such as prime locations or custom-built homes. In certain regions, move-in-ready, fully renovated homes are the most in-demand, while in others, buyers are prepared to navigate rising construction costs to create their ideal living space.

Another key factor fueling the luxury market is economic confidence. High-end buyers are generally less influenced by interest rate changes, as many do not rely on large mortgages. Some make substantial down payments or buy properties outright with cash. Their decisions are typically based on long-term market stability, and currently, they remain optimistic about Canada’s real estate market.

Foreign Buyer Ban: Minimal Impact

The federal government's foreign buyer ban, introduced in 2023 and extended until 2027, was intended to make housing more accessible for Canadians. However, it hasn't significantly affected the luxury market. The majority of high-end buyers are Canadians, and the broader issue in real estate continues to be a lack of available properties, not just within the luxury segment.

What to Expect This Fall?

Looking ahead, the luxury market is expected to stay active. Cities like Calgary, Edmonton, Winnipeg, and Quebec City are predicted to experience continued growth. While markets in Toronto and Vancouver were slower earlier this year, they are likely to gain momentum as interest rates stabilize and economic confidence grows.

Whether you’re looking for a ready-to-move-in home or planning to design your own dream property, luxury real estate remains a sound investment. Buyers in this segment know what they want and are willing to wait, so demand is expected to remain strong.

Toronto’s Luxury Real Estate Market in 2024

In the first eight months of 2024, Toronto’s luxury home prices saw a modest rise of 3.9%, bringing the median price to $5.82 million, even as sales dipped by 5%. The minimum entry point for a luxury home in the city currently stands at $4.75 million.

“Toronto’s luxury market had a soft start to the year as the introduction of the updated municipal land transfer tax came into effect on January 1st. The amended tax saw graduated increases on properties valued over $3,000,000, starting at 3.5 percent and moving upwards. This led to a slower-than-normal spring market, which caused our inventory of available homes for sale to increase,” said Gillian Oxley, sales representative, Royal LePage Real Estate Services Oxley Real Estate. “However, the interesting element of the spring market was the many sellers who did not pull their listings off of the MLS when activity softened. Instead, many sellers chose to keep their homes listed, pushing up the average days on the market.”

Luxury properties in Toronto generally feature 4+ bedrooms, and 5+ bathrooms, and span at least 2,300 square feet. Buyers are patient, waiting for the right deal, although prime areas near transit, dining, and parks remain in high demand.

Oxley anticipates a stronger market in the fall, with further improvement expected in the spring as interest rates ease and buyer confidence returns.

2024 Royal LePage Carriage Trade Luxury Market Report – Data Chart: rlp.ca/2024-Luxury-Market-Report-Chart

Want to stay updated on Canada’s luxury real estate market? Subscribe to our newsletter for the latest trends, market insights, and tips on navigating the luxury property market. Keep posted as the fall market unfolds.

Source: https://www.royallepage.ca/en/realestate/news/luxury-landscape-brisk-activity-expected-this-fall-across-canadas-high-end-real-estate-markets/#_ftn1

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I have sold a property at 308 109 Ossington AVE in Toronto

I have sold a property at 308 109 Ossington AVE in Toronto on Sep 16, 2024. See details here

Stylish Loft Above The Ossington Strip. Just Steps To Amazing Restaurants, Shops, Cafes, Queen West, Trinity Bellwoods. West Exposure With City Views. High Exposed Concrete Ceilings And Floor To Ceiling Windows For A Sun Filled Living Space. High End Kitchen With Integrated Appliances,Connection. *Premium Parking Right Beside Elevator & Locker Included*

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Quick Insights: Market Snapshot August 2024

In line with the recent TRREB market watch report, home sales in the Greater Toronto Area (GTA) dropped in August 2024 compared to the previous year. However, there was a modest rise in new listings. Despite the ample supply of homes on the market, average prices only saw a slight decline from August 2023.

As per the recent report, 5.3% or equivalent to 4,975 home sales drop from August 2023. New listings reached 12,547, up by 1.5% from last year. Seasonally, sales increased slightly compared to July, while new listings dropped a bit.

Furthermore, the MLS® Home Price Index dropped by 4.6% compared to last year, and the average home price in August 2024 was $1,074,425, just 0.8% lower than in August 2023. The smaller drop in the average price is because more detached homes were sold this year. Compared to July, the average price also went down a little bit.

Explore the full Market Watch report for more information:

Commercial Charts

In Q1 2024, TRREB Commercial Network Members reported leasing 4,985,729 square feet of space across industrial, commercial/retail, and office sectors. This was a drop from Q1 2023.

The average lease rates per square foot rose in the industrial and office sectors: industrial rates increased to $16.90 (from $15.55 in Q1 2023) and office rates jumped to $20.09 (from $16.15). However, retail lease rates dipped slightly to $29.08 (down from $30.63).

Commercial property sales were up in Q1 2024 with 259 transactions compared to 238 in Q1 2023. Industrial sales rose to 92, retail sales to 113, and office sales slightly increased to 54.

Keep in mind, these price changes can be influenced by shifts in market conditions and the type of properties being leased. Here's a quick summary in chart form:

Want monthly market insights delivered straight to your inbox? Subscribe to our newsletter and stay connected with the latest GTA real estate updates! Be part of our growing community.

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Is Now the Time to Buy? Exploring August 2024's GTA Sales Decline and Rate Cuts

The GTA housing market took a bit of a breather in August. Home sales dropped by 5.3% compared to last year, with 4,975 homes sold, down from 5,251 same time last year. New listings went up up, with 12,547 homes added to the market, and currently 22,653 active listings. So, if you’re looking to buy, there are ample options.

Prices didn’t change much. The average home price was down by just 0.8%, bringing it to $1,074,425. The MLS® Home Price Index dropped a bit more, down 4.6%, showing that home prices are cooling off, but slowly.

There’s some welcome news for buyers, On September 4, the Bank of Canada cut interest rates, which is going to help make carrying costs more affordable. . As mortgage rates continue to fall, we expect to see more people buying homes—especially condos—over the next year or two.

TRREB’s Chief Market Analyst, Jason Mercer, said “As borrowing costs trend lower, home buyer 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 inventory of listing to be absorbed…. And this will help keep price growth moderate, at least in the initial phases of recovery”

Looking ahead, TRREB’s CEO, John DiMichele, reminded that we need to maintain a sustained focus of boasting home construction, especially relating to the right mix of homes to meet consumers needs meet demand and keep them affordable.

Want to stay in the know about the GTA housing market? Subscribe to our newsletter for regular updates, tips, and insights!

View the detailed August report here.

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Just In: Bank of Canada Lowers Key Rate to 4.25% as Inflation Pressures Ease

As anticipated, The Bank of Canada recently announced a third consecutive reduction to its target overnight lending rate, bringing it down to 4.25%, with the Bank Rate at 4.25% and the deposit rate matching the overnight target at 4.25%. Alongside this rate cut, the Bank is continuing its policy of balance sheet normalization, which aims to reduce the excess reserves built up during past economic interventions. This move is part of a broader effort to stabilize the Canadian economy as global financial conditions shift.

Target for the overnight rate (Past 5 Years)

This chart highlights the changes in the Bank of Canada’s policy interest rate over the past five years, providing a visual understanding of the central bank’s approach in response to evolving economic conditions.

Globally, the economy grew by 2.5% in the second quarter, with stronger-than-expected growth in the U.S. and steady improvement in Europe. China’s growth lagged due to weak demand. Financial conditions have eased, and the Canadian dollar has slightly appreciated. In Canada, the economy grew by 2.1%, driven by government spending and business investment, though recent data shows a slowdown. Inflation has eased to 2.5%, with housing costs still the main driver, though they are starting to decline.

In response, the Bank reduced the interest rate by 0.25% and will continue monitoring trends to ensure price stability for Canadians.

The next overnight rate target announcement is set for October 23, 2024. On the same day, the Bank will release its full economic and inflation outlook, highlighting key risks and projections in the MPR. Stay informed—subscribe to our newsletter for updates.

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This website may only be used by consumers that have a bona fide interest in the purchase, sale, or lease of real estate of the type being offered via the website. The data relating to real estate on this website comes in part from the MLS® Reciprocity program of the Toronto Regional Real Estate Board. The data is deemed reliable but is not guaranteed to be accurate.