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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.
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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.
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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:
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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.
If you're dreaming of buying your first home, you’ve probably wondered, "How am I going to save up for it?" Well, let me introduce you to the First Home Savings Account (FHSA). It’s a fantastic tool that combines the perks of two other popular accounts—the Tax-Free Savings Account (TFSA) and the Registered Retirement Savings Plan (RRSP)—to help you save for your first home. Let’s break it down in simple terms.
The FHSA is like a savings superhero, designed specifically for first-time homebuyers in Canada. It gives you powerful benefits:
Tax-Deductible Contributions:
You can contribute up to $8,000 a year, with a lifetime cap of $40,000. The best part? Your contributions are tax-deductible! That means if you put money into your FHSA, you lower your taxable income for the year—and that could mean paying less in taxes.
Tax-Free Growth:
Just like with a TFSA, the money you invest in your FHSA grows tax-free. Whether it’s earning interest, dividends, or capital gains, you don’t have to share a dime with the CRA (Canada Revenue Agency).
Tax-Free Withdrawals:
When you’re ready to buy your first home, you can withdraw from your FHSA completely tax-free. Every dollar you saved goes directly toward your home purchase—no deductions, no catches.
Roll Over Unused Savings:
What if you decide not to buy a home or your plans change? No worries. You can roll over unused funds into your RRSP or RRIF (Registered Retirement Income Fund) and keep enjoying tax-free growth for retirement savings.
It’s not for everyone. To qualify, you need to be:
A first-time homebuyer (you haven’t owned a home in the last four years).
A Canadian resident aged 18 or older.
If you check those boxes, you’re good to go!
Start Early: Even if you’re a few years away from buying, opening an FHSA now lets your money grow tax-free longer.
Max Out Your Contributions: Aim to hit that $8,000 yearly limit to get the most out of your tax deduction and savings potential.
Combine with Other Programs: Pair the FHSA with programs like the RRSP Home Buyers’ Plan for even more buying power.
Opening an FHSA is straightforward. Many banks, credit unions, and financial institutions across Canada offer them. Check with your financial advisor or bank to find the best fit for you.
The FHSA is an incredible opportunity for first-time homebuyers to save smarter and faster. Whether you're just starting your journey or already looking at listings, every bit of savings counts.
Take the first step toward your dream home today! If you have questions or want to discuss how this fits into your home-buying plan, let’s chat. Book a call today—I’m here to help!
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October was a busy month for the Greater Toronto Area’s real estate market. Home sales went up 44% compared to last year, as more buyers jumped back in, helped by lower interest rates. New listings increased too, though not as much as sales, which made the market a bit tighter than last October.
Prices held steady, with the average home selling for around $1.13 million, up just a little over 1% from a year ago. While there are still plenty of options for buyers, experts think prices could rise in the coming months as available homes get bought up faster than new ones are built.
The Toronto Regional Real Estate Board is also pushing for policies to help buyers with affordability, like lowering taxes on home purchases. These changes could make a big difference for new buyers and encourage more home construction in the GTA.
Let’s take a closer look at the details driving these trends:
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October saw strong growth in Toronto’s real estate market, with home sales in the Greater Toronto Area (GTA) up by 44.4% compared to October 2023. While new listings also increased, they didn’t keep up with the pace of sales, leading to a tighter inventory and more competitive market conditions.
Sales Activity: The GTA recorded 6,658 home sales in October, a significant 44.4% increase from the 4,611 sales in October 2023. Month-over-month, sales also saw a rise, as October’s figures were up from September’s 6,470 sales, reflecting ongoing demand.
Average Price: The average selling price across all property types in the GTA reached $1,135,215, a 1.1% increase year-over-year. On a month-over-month basis, the average price saw a slight uptick from $1,123,390 in September, indicating a stable price environment despite rising sales.
Inventory: New listings totaled 15,328 in October, up 4.3% from October 2023. However, this marked an 18% decrease compared to the 18,742 new listings seen in September 2024, pointing to a tightening of inventory. Active listings also decreased from 6,658 in September to 4,611 in October, which may lead to more competition among buyers in the coming months.
Months for active inventory This is a indicator I monitor closely and has been coming down as well indicating that the market is tightening. There was 3.67 Months of inventory in October, down from 5.1 in September.
The Bank of Canada’s recent rate cuts have improved borrowing conditions, making homes more affordable and encouraging buyers to step back into the market. With borrowing costs lower than they’ve been in months, demand has picked up, leading to higher sales volumes compared to last year.
With inventory shrinking and sales activity growing, we may see prices rise more significantly in the months ahead. For buyers, it’s a good time to act before inventory gets even tighter. Sellers, on the other hand, have the advantage of strong demand and fewer listings to compete with.
As we move into 2025, there may be further policy changes affecting affordability and market conditions. For example, TRREB supports the Conservative Party of Canada’s proposal to remove the GST from new homes under $1 million, which could provide relief for first-time buyers and encourage more construction to meet growing demand.
The Toronto market is definitely in motion, and whether you’re buying, selling, or just watching the trends, our team is ready to help you navigate these changes and find the best opportunities.
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.
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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:
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.
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.
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.
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!
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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.
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.
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.
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.
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.
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
