Home sales are finally up across Toronto, with 44% more sales in October compared to last year. While new listings also grew, they didn’t keep pace with the surge in sales, tightening the market. The average selling price even increased slightly by 1.1%. Several factors are likely at play here, including interest rate cuts from the Bank of Canada and a final push by buyers to enter the market before year-end. We anticipate that, even with plenty of inventory, prices may start to rise by spring 2025 as supply tightens.
With new mortgage rules coming into effect on December 15th—designed to help first-time buyers and those in the under-$1.5 million market—we expect to see a boost in the entry-level market, which will hopefully create a ripple effect across home sales.
Thinking of making a move this year? Or maybe you’d like to explore your options for next year? Give us a call!
