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
Royal LePage is the only Canadian real estate company that has it's own charitable foundation, the Royal LePage Shelter Foundation. The Shelter Foundation is a national organisation that benefits local shelters for women and children escaping violence in our communities.
Royal LePage has set this up so that each Brokerage across the country (our brokerage is: Royal LePage Estate Realty) is associated with shelters local to their community, so any money that Brokerage or individual agents from that office raise stays within that community. At LTHome and Royal LePage Estate Realty, our fundraising dollars go directly to:
- The Red Door Shelter - Nellie's Shelter - The Scarborough Women's Centre
One of our favourite aspects of the Foundation is that Royal LePage Corporate covers all of the administrative costs for the foundation, so that 100% of every dollar raised goes directly to the shelter's and the people that need it.
Keep an our website and social media platforms as we often talk about events and ways you can get involved in supporting the Shelter Foundation. Plus, a portion of our commission at the Collective, from every purchase or sale, also goes to the Shelter Foundation.
At LTHome we are so grateful to be a part of this great community and so thankful to each of our clients, family & friends for supporting our business, which in turn supports the Royal LePage Shelter Foundation.
"Since its founding in 1998, the Royal LePage Shelter Foundation has proudly grown to become the largest public foundation in Canada dedicated exclusively to funding women’s shelters and domestic violence prevention. Royal LePage is the only Canadian real estate company with its own charitable foundation.
The Shelter Foundation has raised more than $46 million to-date and currently supports 200 local women’s shelters and national partners. Our agents donate a portion of their commissions, and Royal LePage offices across Canada host local fundraising events. Our brokers, agents and staff also volunteer and provide in-kind goods to benefit the women and children residing in their local shelters. Every dollar raised goes directly to helping the more than 50,000 women and children who are served each year by the shelters and support programs we fund."
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
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!
Want to see more about specific area’s of the GTA CLICK HERE
Last night we walked to raise awareness & crucial funds for local shelters in the Royal LePage Shelter Foundation’s NIGHT LIGHT WALK 💫
We are so proud to be part of the brokerage @royallepageestaterealty that hosted the Toronto event, it was a wonderful evening of education, awareness, community and raising funds! We are thrilled that the fundraising goal of $50k was exceeded, with 100% of donations going to our incredible local shelters: @reddoorfamilyshelter@nellies_shelter
These shelter’s open their doors and hearts to women and children in need, providing more than just a safe space—they offer hope, healing, and a second chance at life.
Contrary to what some might think, fall doesn’t have to be a season of shutdown in the garden. It can be an opportunity to turn your outdoor living space into a stunning autumn oasis that not only boosts your home’s curb appeal, but also enhances your quality of life. While it may sound like a large undertaking, with the right tips, you’ll be well on your way toward creating a beautiful garden that thrives year-round.
Preparing Your Soil Healthy soil is the foundation of any garden. Begin by clearing out any summer plants and debris from your garden beds. From there, you can enrich the soil with compost to boost its nutrient content, giving your fall plants the best environment to grow strong.
Choosing Your Plants Spring isn’t the only time of year you can have beautiful flowers in the garden! The key is to choose plants that thrive in cooler weather.
Perennials like asters, chrysanthemums, and ornamental grasses bring rich colours and textures to your space, while late-blooming flowers such as sedum and goldenrod will keep your garden looking beautiful as the season unfolds.
Planning for Continual Bloom Creating a garden that blooms all year long is all about thoughtful planning and choosing plants with staggered flowering times so that as one bloom fades, another takes its place.
This way, your garden will stay vibrant and beautiful throughout the season.
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
#NoMatterWhat Is the message for this year’s Terry Fox Run on September 15th.
Once again, Lainey and Lola will be lacing up their sneakers and taking part in The Beaches Terry Fox Run.
‘We Are Shaped by the Obstacles We Face’, is the title for the new Legacy Art Project installation that was opened on Queen’s Quay in October 2023. It is a ‘public space dedicated to the spirit of courage, determination, and action that Terry Fox embodied...throughout the Marathon of Hope in 1980’.
Please consider a donation as Lainey & Lola walk, jog, run in an effort to continue the fight against cancer. Click here to access their Donation Page. Thank you in advance for your support!
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
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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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