Housing Market and Trends
GTA home sales increased strongly year-over-year in October 2024. New listings were up, but by a lesser annual rate. The result was tighter market conditions compared to October 2023. The average selling price was up slightly on an annual basis.
GTA home sales increased year-over-year in September. Buyers were starting to take advantage of more affordable market conditions brought about by interest rate cuts and lower home prices.
GTA home sales were down on a year over-year basis in August. New listings were up slightly over the same period. While the region's housing market remained well-supplied in August, average home prices only edged slightly lower compared to August 2023.
GTA home sales in July 2024 were up compared to July 2023. While sales were up from last year, buyers continued to benefit from more choice in the GTA marketplace, with annual growth in new listings outstripping that of sales.
June 2024 home sales in the GTA were lower compared to the same month last year. Despite the Bank of Canada rate cut at the beginning of last month, many buyers kept their home purchase decisions on hold.
May home sales continued at low levels, especially in comparison to last spring's short-lived pick-up in market activity. Home buyers are still waiting for relief on the mortgage rate front.
As we move through the Spring, the anticipated interest rate cuts may soon materialize. We anticipate increased demand for home ownership once the first cut is announced.
Toronto's Early Spring Market is Gaining Momentum. The first quarter of 2024 concluded with a notable uptick in sales, with an 11% year-over-year growth and an 18% increase in new listings.
A spring resurgence is on the way as home sales, new listings, and sales prices all edged upward in February.
The market is definitely picking up. Compared to this time last year, GTA homes sales in January 2024 increased by an impressive 37 percent, with 4,223 sales reported as compared to 3,083 in January 2023.
Compared to this time last year, GTA home sales in December 2023 increased by 11.5% percent, while the average selling price grew by 3.2 percent reaching $1,084,692.The number of GTA home sales in 2023 came in at less than 70,000 due to affordability.
High borrowing costs and uncertain economic conditions continued to weigh on Greater Toronto Area (GTA) home sales in November 2023. Sales were down on a year-over-year basis, while listings were up from last year's trough in supply.
Lack of affordability and uncertainty remained issues for many would-be home buyers in the Greater Toronto Area (GTA) in October 2023. As a result, sales edged lower compared to last year. However, selling prices remained higher than last year's levels.
The fall market is off to a calm start as home supply builds giving buyers less competition and more choices. The uncertainty around the Bank of Canada's upcoming interest rate announcement is also creating some hesitancy for home buyers
With continued uncertainty about the economy and the Bank of Canada's decision-making, increased borrowing costs, and a constrained supply of listings, the month of August resulted in fewer home sales compared to the previous year.
GTA home sales, new listings and home prices were up in July 2023 in comparison to July 2022. The market experienced more balance in July compared to June, with sales trending lower while new listings were up.
Home sales and the average selling price in the Greater Toronto Area (GTA) in June 2023 remained above last year's levels.
The GTA housing market continued to improve from a sales perspective in May 2023. Unfortunately, the supply of homes for sale did not keep up with the demand for ownership housing.
On a year-over-year basis, sales edged lower compared to April 2022, but new listings were down by more than one-third. Fewer listings relative to sales meant there was more competition between buyers, supporting an improvement in selling prices.
For the first time since May 2022, average sale prices were ABOVE the average list price, signaling a rise in competition among buyers.
New listings continue to drop year-over-year in the GTA. This severe inventory shortage, coupled with an increase in buying intentions and demand have lead to increased competition between buyers and a return to bidding wars in some.
Number of sales and new listings substantially lower than last year directly impacted by higher borrowing costs. Home sales in November were down 49% since last year.
Number of sales and new listings substantially lower than last year directly impacted by higher borrowing costs. Home sales in November were down 49% since last year.
GTA home sales in October were down 49% since last year. The market continues to adapt to a higher borrowing cost environment. But, how does the ongoing lack of inventory affect current home prices?