August Market Stats Analysis

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.

July Market Stats are in!

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.

June Market Stats are in!

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 2024 Markets Stats Analysis

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!

April 2024 Markets Stats Analysis

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!

March 2024 Markets Stats Analysis

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! 🏠💼

February 2024 Markets Stats are IN

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.

January 2024 Markets Stats are IN

And you might be surprised to see these numbers...

This first month of 2024 is the perfect peek into the amount of market activity that’s starting to come out of the woodwork. With prices showing minimal (single digits) drops across most communities, and number of sales and number properties listed climbing by nearly 33% on average across the city of Toronto last month vs February 2023.
After months of cautious optimism and careful consideration, the warm winter temps and market conditions have brought motivated buyers back out to the field!

Toronto Condos saw a near 65% increase in # of sales vs. Jan 2023, Kudos to those first time buyers making the most of these buyer-friendly conditions and curbing those climbing rental rates.

Looking for a personalized market overview of your neighbourhood? Or keen to find out what opportunities are right outside your door? Go to our BLOG - link in bio - to see neighbourhood specific stats.

Well, it’s been a year! For the first time in a long time our first response when it comes to Toronto Real Estate is not “it’s bonkers out there!” 

For the most part we saw a general slowing of the market, which is not a bad thing. The rate in which prices were increasing and more so, the means by which some people felt compelled to go about buying a new home was becoming unsustainable and in some cases pretty risky. 

We walked into 2023 with yet another rate hike of 25 basis points which proved to have the desired effect of cooling the housing market for the beginning of the spring. A rate hold in March and April had buyers jumping back in, resulting in a return to bidding wars and prices trending upwards. This put pressure on inflation and was cause for the Bank of Canada to raise rates twice more in June and July. These rate increases have proven to force many of us to watch our pennies a little closer. 

The final 3 rate announcements of the year saw the BOC holding the prime rate at 5.25% These latest holds are positive news, it’s true we are all feeling the pinch, but it hasn’t had the same effect on the market as the previous holds had. There was certainly some hesitancy from both buyers and sellers toward the end of 2023, the question is will this climate end in pent up demand or continued trepidation?

After a start like no other in 2022, the second half of the year was a little less appetizing - or was it? It all depends on how you look at it, which side of the fence you’re on or if you’re just sitting on that fence waiting to see what everyone else is going to do (you’re not alone!) 

​For many, many years there have been escalating complaints about Toronto’s Real Estate market. It’s fast pace and often seemingly unfair antics required just to get your foot in the door - and that foot generally cost you an arm and a leg! 

​We’ve started to see a decline in prices while interest rates and the cost of living rise across the board. Let’s not negate the fact that this has put many in a difficult position but the reality is, and always has been, for the most part Real Estate is a long game. 

There was a very short period of time where the short game was profitable, but that, along with early 2022 prices and uncharacteristically low interest rates were not sustainable.  Yes, prices have come down and interest rates have gone up.