Housing Market and Trends
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?
GTA home sales in September were down 44% since last year. However, prices were up 0.7% from last month. Will October be the peak of the fall real estate market?
GTA home sales were down 34.2% from last year, showing a lesser annual decline than seen in the last 4 months. Sales represented a higher share of new listings. Could this indicate some support for home sale prices?
Rapidly increasing mortgage rates continue to lead to more balance in the market. GTA home sales in July were down 47% from last year, while annual price growth moderates, and buyers benefit from greater choice.
With mortgage rates continuing to rise, buyers are taking advantage of greater selection, less competition and stabilizing prices. Home sales down 41% compared to last year.
It's "spring market" yet GTA home sales in May were down 39% from last year and prices up almost 10%. Here's what's happening in today's evolving market.
With higher borrowing costs and buyers moving to the sidelines to reposition themselves in a higher rate environment, the GTA housing market continues its adjustment with transaction numbers down.
Sales down across all major market segments. A slightly more balanced market and moderating price growth.
Home sales and new listings down. Signaling a modest move in the direction of a slightly more balanced market.
Strong demand continues. Listings remain in short supply. Active listings at the lowest level in more than two decades. What can we expect this year in 2022?