As we near the end of 2024, the Greater Toronto Area (GTA) real estate market continues to show signs of recovery, with strong sales growth and a slight increase in prices. Buyers are benefiting from improved affordability due to lower borrowing costs, while sellers are seeing tightening market conditions, particularly in the detached home segment. Here’s a breakdown of November 2024’s key market trends. Sales Surge as Buyers Re-Enter the Market 5,875 home sales in November 2024 marked a 40
Imagine discovering that your home—your sanctuary—could be exposing you and your family to one of the leading causes of lung cancer. This is the reality for thousands of Canadian homeowners each year due to radon, a silent yet dangerous intruder.
In a recent policy update, the Canadian government removed the stress test requirement for homeowners switching lenders at renewal. This change allows borrowers to transfer their mortgages without undergoing the stringent qualification process they initially faced.
The Greater Toronto Area (GTA) real estate market saw a significant increase in home sales in October 2024, driven by improved affordability from lower borrowing costs and relatively stable prices.
In 2023, car thefts surged dramatically across Toronto and the Greater Toronto Area (GTA), with over 12,000 vehicles reported stolen in the city alone.
In September, GTA home sales rose by 8.5% year-over-year, with a total of 4,996 transactions. As the Bank of Canada lowered interest rates and changes to mortgage lending guidelines were introduced, many buyers found themselves in a more favourable position to enter the market.
July 2024 saw the average home price in the GTA experience a slight dip of 0.9% year-over-year, settling at $1,106,617 with detached homes being the least affected by the market slowdown.
In June 2024, the Greater Toronto Area (GTA) experienced a notable shift in its real estate landscape. Despite the Bank of Canada's recent rate cut aimed at stimulating the market, home sales dropped by 16.4% compared to the same time last year.
The Toronto real estate market had a set of very mixed results for the month of April with the condo market experiencing a large slump in sales due to a substantial influx in inventory while semi & detached home sales/prices have surged.
For homeowners in Canada looking to renewal their mortgage in 2024, many of the current prospects are quite awful when compared to the very low rates they've been accustomed to seeing over the past 5 years.
