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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.
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