Home > Blog > Market News
Market News (16)
GTA new home sales remain low in January – but with prices down and inventory up
GTA new home sales remain low in January – but with prices down and inventory up, buyers have a unique opportunity in the months ahead.
In October 2024, home sales in the Greater Toronto Area increased strongly year-over-year in October 2024.
In October 2024, home sales in the Greater Toronto Area increased strongly year-over-year in October 2024. Over the same period, 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.
Bank of Canada Cuts Key Rate to 3.75% Amid Declining Inflation
On October 23, 2024, the Bank of Canada reduced its key lending rate from 4.25% to 3.75%, marking its fourth consecutive cut since June. This decision follows a decrease in Canada’s inflation rate from 2.7% in June to 1.6% in September, paving the way for further rate reductions to support economic stability.
In September 2024, the average DOM for the condo market in the City of Toronto was 34 days
Condos stayed on the market for an average of 34 days in the Central, while in West Region and East Region, they needed 36 days and 29 days to sell.
In the City of Toronto, detached homes were on the market for an average of 25 days in September
The East Region market was still the hottest, and houses were sold firm within 17 days.
Detached homes needed an average of 24 days to sell in the Central Region and 23 days in the West Region.
Resale Home Market in the City of Toronto (September 2024)
In September, the average selling price for detached in Toronto was $1.69 million, marking a year-on-year decrease of 2.2%, and there was also a 0.4% decrease compared to the previous month. Condo town and condo apart had average selling prices of $830k and $710k, respectively, with year-over-year declines of around 2-3%.
In September 2024, home sales in the Greater Toronto Area increased year-over year.
Buyers were starting to take advantage of more affordable market conditions brought about by interest rate cuts and lower home prices.
New home sales in the Greater Toronto Area hit a historic low in August 2024, down 46% compared to last year
In August, 464 units were sold, a 46% decrease compared to last year. Condo apartments accounted for 235 of these sales, down 61% from August last year and 81% below the ten-year average. There were 229 new single-family homes sold, a 14% decrease from August last year and 56% below the ten-year average.
In June, the average selling price for detached in Toronto was $1.76 million
marking a year-on-year decrease of 2%, and there was a 3.7% decrease compared to the previous month. Condo town and condo apart had average selling prices of $890k and $760k, respectively. The prices of townhouses and apartments have both decreased by around 1% compared to last year.
Total 2
Pages
Featured Listings
-
MLS® N12706476 15 Peterkin Road, Markham, ON L6E 1Y9 5 Beds| 4 Baths $4,200 BAY STREET GROUP INC. -
MLS® X12706624 27 Palace Street, Thorold, ON L2V 0J7 4 Beds| 3 Baths $2,750 BAY STREET GROUP INC.
-
MLS® E12706720 17 Newdawn Crescent, Toronto E07, ON M1V 1J8 4 Beds| 4 Baths $895,000 BAY STREET GROUP INC.
-
MLS® C12706740 225 Sumach Street 1903, Toronto C08, ON M5A 0P8 6-10 | 2 Beds| 2 Baths $3,350 BAY STREET GROUP INC.
-
MLS® N12706814 279 John Davis Gate, Whitchurch-Stouffville, ON L4A 1T5 6-15 | 4 Beds| 4 Baths $3,800 BAY STREET GROUP INC.
-
MLS® W12706878 395 Square One Drive 4801, Mississauga, ON L5B 0P6 2 Beds| 1 Baths $2,200 BAY STREET GROUP INC.
-
MLS® C12706926 34 Tubman Avenue 902, Toronto C08, ON M5A 0M8 New | 1 Beds| 1 Baths $2,050 BAY STREET GROUP INC.
-
MLS® N12707006 950 Portage Parkway 806, Vaughan, ON L4K 0J7 2 Beds| 2 Baths $2,700 BAY STREET GROUP INC.