The January 2025 Market Numbers are IN and trending UP
Don't let your snow shovel fool you, Spring is springing (in real estate anyways!)
For what is generally a cold and slow time for sales while many consumers are hibernating and recovering from the holidays, these numbers tell a different story: -A staggering 40%+ increase in new properties for sale in the majority of market areas -Steadily rising prices in most freehold homes -Lots of opportunity in the Condo market while inventory continues to climb.
With 6 consecutive interest rate cuts (as of January 29) breathing new life into consumer confidence and buying power, we're seeing a surge in new listings suggesting more sellers are testing the waters. The stage is set for a dynamic February market, and we're here for it (and you). If you're contemplating your next move whether selling or buying across the GTA, let's connect you with valuable market insight to position you for success!
Want to see more about specific area’s of the GTA CLICK HERE
Overall, in 2024 the Toronto real estate market saw a steady and stable year, moving towards moderate growth later in the year.
The average sale price increased by 2.07%, reflecting a modest yet positive trend in property values. The number of new properties for sale surged by 17.25% over 2023 as we started to see renewed confidence in the Toronto market.
Overall, the number of sales edged up by 0.58%, indicating a relatively balanced market despite global and economic uncertainties.
We all watched in anticipation as interest rates finally started to come down in the second half of the year which contributed to healthy turnover and continued demand in the city's dynamic real estate landscape.
Looking ahead to 2025 the supply side is expected to remain tight, with new listings continuing to trend upwards, but inventory may still fall short of meeting demand.
The average days on market are likely to stay relatively low, especially on single family homes, reflecting a still-active market with well-priced properties moving quickly. Overall, Toronto's real estate market is likely to remain stable and attractive, with gradual price appreciation in the longer term.
2024 was an incredible year for LTHome, full of amazing moments, but without a doubt,
the biggest highlights were working with our wonderful clients to help make their REAL ESTATE DREAMS a reality!! Thank you!! Helping you is what we do, and we LOVE what we do!! As we look forward to 2025, we are excited to bring you more; up-to-date insightful market information & analysis, 1st-time Homebuyer workshops, beautiful homes, giving back to our community and as always...we look forward to delivering the highest standards of customer care to exceed your expectation!! Have questions about your REAL ESTATE GOALS for 2025? Let's chat!
It is more important than ever to team up with a Realtor who knows what is happening and has the experience to guide you through to your best opportunities! When trying to understand the Toronto real estate market, know that at LTHOME you have a Collective of Experience, Knowledge and Skill to help you successfully navigate the market and your next journey in buying or selling a home.
Our team is smart about how we approach each situation and home, both from the buying and the selling side. Making sure that we are strategic and using every tool to your advantage, from fine tuned negotiation skills, neighbourhood knowledge, a team of professionals supporting us and even connections with our colleagues across the city.
Want to see more about specific area’s of the GTA CLICK HERE
It is more important than ever to team up with a Realtor who knows what is happening and has the experience to guide you through to your best opportunities! When trying to understand the Toronto real estate market, know that at LTHOME you have a Collective of Experience, Knowledge and Skill to help you successfully navigate the market and your next journey in buying or selling a home.
Our team is smart about how we approach each situation and home, both from the buying and the selling side. Making sure that we are strategic and using every tool to your advantage, from fine tuned negotiation skills, neighbourhood knowledge, a team of professionals supporting us and even connections with our colleagues across the city.
Want to see more about specific area’s of the GTA CLICK HERE
We love stats, but we don’t always trust them completely. Why? Because while numbers don’t lie, they don’t always tell the whole story. It all depends on how they’re grouped!
Looking at the numbers for the GTA through September 2024, home sales were up compared to last year as more people took advantage of lower interest rates and falling home prices. However, on the ground, we’re seeing higher- and mid-priced homes selling faster, while the entry-level market is much slower. This slower pace in the entry-level segment could skew the average sale prices, making it seem like prices are rising more than they actually are.
With the recent drop in borrowing costs and changes to mortgage rules, we’re hopeful that it will become easier for more families—especially first-time buyers—to consider homeownership. Hopefully, this will shift the spring market in the right direction.
As for the next Bank of Canada announcement on October 23, we’re expecting at least a 25-point drop in the rate, and maybe even 50 points. Fingers crossed!
Is it a good time to buy or sell? Reach out, and let’s chat!
Want to see more about specific area’s of the GTA CLICK HERE
With August being a historically slow month for sales, and assumptions throughout the month about a potential rate increase in September compounding things, we saw some very interesting statistics throughout Toronto and the GTA last month. Thankfully, the Bank of Canada held the overnight rate, and now we can look ahead to what will likely be a more robust fall market as a result.
There area few stand out points to consider for August: - The number of new listings increased year over year across the city. This was a combination of sellers trying to get on the market ahead of the rate announcement and the last spring market still trickling down to push sellers onto the market after purchasing late in the spring. - Two areas that saw a huge increase in new listings year over year will likely continue to feel the affect on prices, well into the fall. Downtown condo market saw an increase of just over 40% and Durham almost 20%. Interestingly, the Beaches neighbourhood saw a decrease of almost 15% new listings.
- There was a moderate decrease of about 2.5% in prices across the city year over year, noting that August of 2022 was before the peak of the down market in 2022. Again, likely indictivie of some higher numbers coming out in previous months this year and buyers taking a small step back and sellers being eager to move inventory before September's Bank of Canada announcement.
- Finally, The GTA and Durham saw little change in the number of sales year over year, down 0.05% and 3.72% respectively, but the Beaches saw just over 46% more sales than the previous year.
So, not all neighbourhoods are experiencing the same effects of the market, and this is why it's important not to rely on just statistics. Dedicated, experienced and hands on professionals are what make the difference between information and knowledge.
Give us a call to talk about what is happening in your neighbourhood!
Want to see more about specific area’s of the GTA CLICK HERE
In the current real estate market, we're seeing an interesting dynamic unfold. New listings are outpacing the number of sales, this is giving buyers more options and is therefore putting downward pressure on average sales prices. This is particularly evident in the condo market, where an increase in inventory has led to lower sales prices. If you've been thinking about getting into the condo market, now might be the perfect time. This window of opportunity won't last forever.
With the latest decrease in interest rates and the potential for further cuts, there is a possibility we might see a shift in the market this fall. However, our outlook suggests that while we may see more activity, it will likely be a gradual. We don't anticipate significant movement in prices until next spring once inventory has levelled out, which means the market will likely remain buyer-friendly or balanced until then.
It's important to note that the entry-level condo market is currently feeling the most pressure, which has a unique effect on average prices. As more top-end listings make up a larger portion of sales, the average price can appear skewed. This is why it's crucial to look beyond the statistics and consider all the factors at play. The average price might actually be a bit lower than it appears when factoring in the broader market dynamics.
For buyers, the current market conditions present a unique opportunity. We don't expect to be in this position for much longer, so now is the time to act. If you're selling and buying, we can help you maximize your buying power while staying within your budget. And if you're solely focused on selling, it's never been more important to present and position your property effectively to get the best possible price.
Whether you're looking to buy, sell, or both, we're here to help you navigate the market and make the most of the opportunities available. Let's bring your dreams home!
Want to see more about specific area’s of the GTA CLICK HERE
It is more important than ever to team up with a Realtor who knows what is happening and has the experience to guide you through to your best opportunities! When trying to understand the Toronto real estate market, know that at LTHOME you have a Collective of Experience, Knowledge and Skill to help you successfully navigate the market and your next journey in buying or selling a home.
Our team is smart about how we approach each situation and home, both from the buying and the selling side. Making sure that we are strategic and using every tool to your advantage, from fine tuned negotiation skills, neighbourhood knowledge, a team of professionals supporting us and even connections with our colleagues across the city.
Want to see more about specific area’s of the GTA CLICK HERE
May market numbers are IN! With the spring market blooming, we’re seeing a notable increase in inventory, with new listings soaring up to a 30% increase compared to May 2023.
Prices have dipped just below last year’s levels, and the Bank of Canada’s recent rate cut—the first in four years, there is certainly a buzz happening.
The stage has been set for an exciting Spring/Summer market, brimming with opportunities for both buyers and sellers. There’s a diverse selection of properties available, and with motivated players on both sides, it’s shaping up to be an energetic season.
Curious how interest rates and new incentives to home buyers play into your goals? Drop us a line, we’d love to get you up to speed!
Want to see more about specific area’s of the GTA CLICK HERE
April Market Stats are IN!! The Toronto real estate market is buzzing with excitement this spring! In April 2024, we saw a whopping 71% increase in the number of condos listed for sale and a remarkable 51% increase in freehold homes for sale across the city compared to last year. This surge in inventory is fantastic news for first-time buyers who have been eagerly waiting to enter the market.
Even more exciting is the fact that despite this surge in supply, prices have only increased by single digits at the moment. This means there’s a golden opportunity for buyers to capitalize on the current inventory and prices before a potential interest rate decrease draws even more buyers into the market.
If you’re thinking about making a move in the Toronto real estate market, now is the time to act!
Let’s connect and set the stage for your next big move together. With the market in your favor, there’s no better time to find your dream home or make a strategic investment. Let’s seize this opportunity and make your real estate goals a reality!
Want to see more about specific area’s of the GTA CLICK HERE
Let’s dive into the numbers for March 2024 versus 2023 and unpack what they mean for you:
1️⃣ Increase in New Listings: Spring market vibes are strong! 🌷🏠 More properties hitting the market means more choices for buyers. Whether you’re a first-timer or downsizing, or looking to buy your forever home, there are some great homes coming to market and waiting for you.
2️⃣ Moderate Price Increase: Good news for both buyers and sellers! Prices are on the rise, but at a steady pace of 3-5%. It’s the Goldilocks scenario - not too hot, not too cold, just right. Coupled with an increase in inventory, it’s a great time to be on the market.
3️⃣ Bank of Canada Meeting Alert! 🚨 All eyes are on the big BOC meeting coming up on Wednesday, April 10. The burning question: will they hold steady or start cutting rates? Stay tuned for updates - it could impact the market big time!
Exciting times ahead in the real estate world! 🏠💼
Want to see more about specific area’s of the GTA CLICK HERE
The market stats for the month of February appear to be showing slight increases year over year, for the City of Toronto in number of sales and average selling price. This is reflected across different areas of the City. There are some variations in the average selling price across parts of the city & GTA, however the number of sales and ‘New For Sale’ are showing increases, year over year.
It is more important than ever to team up with a Realtor who knows what is happening and has the experience to guide you through to your best opportunities! When trying to understand the Toronto real estate market, know that at LTHOME you have a Collective of Experience, Knowledge and Skill to help you successfully navigate the market and your next journey in buying or selling a home.
Our team is smart about how we approach each situation and home, both from the buying and the selling side. Making sure that we are strategic and using every tool to your advantage, from fine tuned negotiation skills, neighbourhood knowledge, a team of professionals supporting us and even connections with our colleagues across the city.
Want to see more about specific area’s of the GTA CLICK HERE
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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of the PropTx MLS®. The data is deemed reliable but is not guaranteed to be accurate.
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