More Affordable, More Choice — But Buyers Are Holding Back
TORONTO, ON – April 3, 2025 — The GTA real estate market in March delivered a rare mix: greater affordability 📉 and more inventory 🏠 — a scenario many homebuyers dream of. But despite the buyer-friendly landscape, many are holding off, watching how the economy and upcoming federal election unfold.
📉 Sales Drop, but Buyer Opportunity Rises
GTA REALTORS® reported 5,011 home sales through TRREB’s MLS® System in March 2025 — a 23.1% decrease compared to March 2024. On a seasonally adjusted basis, sales also dipped compared to February 2025.
At the same time, new listings surged to 17,263, up 28.6% year-over-year, giving buyers more options than they’ve seen in quite some time. 🏘️
🗣️ “Homeownership has become more affordable over the past 12 months, and we expect further rate cuts this spring,” said TRREB President Elechia Barry-Sproule. “Buyers will also benefit from increased choice, giving them greater negotiating power.”
💰 Prices Reflect the Shift
•MLS® Home Price Index Composite Benchmark:
📉 Down 3.8% YoY
📉 Down MoM (seasonally adjusted)
•Average Selling Price:
💲$1,093,254
🔻 Down 2.5% YoY
➖ Flat MoM (seasonally adjusted)
This drop in pricing, along with declining borrowing costs, has improved affordability across the board — making this spring a potentially strategic entry point for savvy buyers.
🤔 Why Are Buyers Waiting?
According to TRREB’s Chief Information Officer Jason Mercer:
“Given the current trade uncertainty 🌐 and the upcoming federal election 🇨🇦, many households are likely taking a wait-and-see approach. If trade issues are solved or public policies ease the impact of tariffs, we’ll likely see an uptick in sales.”
⚠️ Confidence Is Key
It’s not just about rates and prices — job security and economic outlook are front-of-mind for buyers committing to long-term mortgage payments.
“Home buyers need to feel their employment situation is solid before committing,” Mercer added.
🧱 Housing Supply: A Political Priority
TRREB CEO John DiMichele emphasized that housing remains a top priority across federal party platforms:
“Access to affordable housing remains top-of-mind for Canadians. Building that housing will be a key economic driver moving forward.”
🔍 Final Thoughts
✔️ More listings
✔️ Lower prices
✔️ Rate cuts expected
❌ But buyers remain hesitant
If you’re a buyer, the math is starting to make sense. If you’re a seller, positioning and strategy are more important than ever.
Thinking of making a move in the GTA? Let’s talk about how to make today’s market work for you. 📲🏡
TORONTO, ONTARIO – December 4, 2024 The Greater Toronto Area (GTA) housing market is heating up! 🔥 Home sales in November 2024 rose significantly compared to the same time last year. Buyers are reaping the benefits of lower borrowing costs and more affordable conditions. While new listings also increased, they didn't keep up with the demand, tightening the market and nudging prices upward. 💹
Key Highlights: ✨
Home Sales: 🏘️ A whopping 5,875 sales were recorded in November 2024—a 40.1% increase compared to November 2023!
New Listings: 📋 11,592 properties hit the market, up 6.6% year-over-year.
Average Price: 💵 The average selling price climbed 2.6% year-over-year to $1,106,050.
A Word from TRREB 🗣️
Jennifer Pearce, TRREB President, shared her optimism: "With inflation easing and borrowing costs trending lower, many buyers are re-entering the market. Selling prices remain well below their historic peaks, setting the stage for a stronger recovery in 2025."
Market Trends 🔍
Detached Homes: 🏡 Tight conditions in this segment led to price growth outpacing inflation, especially in the City of Toronto.
Condos: 🏢 Prices remained lower than last year, offering buyers great choice and negotiation power.
According to Jason Mercer, TRREB’s Chief Market Analyst: "Condo affordability will attract renters into homeownership as borrowing costs continue to decline."
Rental Market Outlook 🏘️
With high population growth, rental demand is expected to strengthen. However, resolving the backlog of 53,000 Landlord and Tenant Board (LTB) cases could bring significant improvements for tenants and landlords alike.
John DiMichele, TRREB CEO, emphasized: "Reforming the LTB to make it faster and fairer will help more families find affordable housing."
GTA Residents Speak Up 📊
A recent Ipsos poll revealed:
93% of respondents support immediate action to reduce the LTB backlog.
94% believe an efficient LTB is critical to Ontario’s housing market.
89% endorse investments in staffing, tech, and streamlined processes.
The numbers tell a clear story: the GTA real estate market is poised for a strong recovery as we head into 2025. 📅 Whether you're buying, selling, or renting, it’s a market to watch! 👀
Stay tuned for more updates, and let us know your thoughts in the comments below!
Greater Toronto Area (GTA) home sales surged in October 2024, with a notable 44.4% increase year-over-year. The Toronto Regional Real Estate Board (TRREB) reported 6,658 home sales through the MLS® system, compared to 4,611 in October 2023. The average selling price rose 1.1% to $1,135,215, reflecting a shift in market dynamics as new listings also increased, albeit at a slower rate than sales.
Key Market Highlights for October 2024
Home Sales: GTA home sales reached 6,658 in October, up by 44.4% compared to the previous year.
New Listings: 15,328 new listings were added to the MLS® system, marking a 4.3% year-over-year increase.
Average Selling Price: Slightly increased by 1.1% from October 2023, reaching $1,135,215.
MLS® Home Price Index: The composite benchmark dropped by 3.3% year-over-year, while the average price edged up month-over-month from September.
TRREB President Jennifer Pearce noted that reduced borrowing costs are helping buyers re-enter the market, spurred by the Bank of Canada’s recent rate cuts. "The positive affordability picture brought about by lower borrowing costs and relatively flat home prices prompted this improvement in market activity,” Pearce remarked.
Buyer Demand and Inventory Outlook
Despite a slight price increase, there remains ample inventory for buyers, which is expected to moderate price growth in the coming months. However, TRREB Chief Market Analyst Jason Mercer cautioned that as inventory decreases and home construction lags behind population growth, prices could rise more substantially by spring 2025.
Policy Impact on Affordability
TRREB CEO John DiMichele highlighted the importance of policies to support affordability. He endorsed the Conservative Party of Canada’s pledge to remove the GST on new homes under $1 million, advocating for a phased rebate that could better accommodate higher-priced markets like the GTA and Vancouver.
This October update signals an evolving market as buyers capitalize on improved affordability and stable price conditions.
It’s officially fall in the Greater Toronto Area, and along with the cooler weather, we’ve got some hot real estate news to share! Buyers are starting to jump back into the market after some favorable changes to mortgage rates and lending guidelines. If you’ve been on the fence about buying, it might be time to make your move. Let’s dig into the numbers – and don’t worry, we’ll keep it fun! 😉
Sales Are Up! But So Are Listings 🏠📈
Hold onto your hats, folks – September 2024 saw a whopping 8.5% increase in home sales compared to last year. That's right, 4,996 homes were snapped up through the Toronto Regional Real Estate Board’s (TRREB) MLS® system last month. Not too shabby, huh? 😎
But wait, there’s more! New listings also jumped up by 10.5%, bringing a total of 18,089 fresh homes onto the market. So, if you're a buyer, you’ve got more options than a kid in a candy store right now. 🍭 But unlike candy, these homes are long-term investments that could really sweeten your future!
Prices? They've Dipped, But Just a Little 💸
Now let’s talk prices – because that’s really what everyone wants to know, right? The MLS® Home Price Index Composite benchmark was down by 4.6% year-over-year in September 2024. Meanwhile, the average selling price of a home in the GTA came in at $1,107,291 – that’s only 1% lower than last year’s average of $1,118,215. I know, I know, it’s not a huge drop, but hey, every little bit helps, right? 💁♂️
For first-time buyers, especially in the more affordable condo and townhouse segments, this means a bit more negotiating power. As TRREB’s Chief Market Analyst Jason Mercer put it, “The ability to negotiate on price led to moderate declines, particularly in the more affordable segments.” So go ahead, dust off those bargaining skills and get yourself a deal! 🛠️
Mortgage Rate Cuts: The Game-Changer for Buyers 💥
TRREB President Jennifer Pearce had some great news for all the potential buyers out there. As interest rates edge down and mortgage lending guidelines become more flexible, more households will be able to jump into homeownership. First-time buyers, I’m looking at you! 👀 Every rate cut means a growing number of people can afford to make the leap into the market.
Plus, with the recent changes allowing homeowners to shop around for better mortgage rates without facing that dreaded stress test, there’s no better time to lock in a great deal on your mortgage. I mean, who doesn’t love saving money? 💰
The Future Looks Bright for Buyers! 🔮✨
We’re not just talking about today’s market; things are looking bright for the future, too! TRREB CEO John DiMichele highlighted how the recent changes to mortgage lending guidelines – like longer amortization periods and the ability to insure mortgages for homes over $1 million – will open up more options for buyers. Basically, if you’ve been eyeing that dream home, you might have more flexibility to make it yours. 🏡
Ready to Make Your Move? Let's Chat! 💬
If you’ve been waiting for the perfect time to buy a home in the GTA, this could be it! More listings, slightly lower prices, and better mortgage options all make for a fantastic opportunity. So what are you waiting for? Whether you’re a first-time buyer or looking for an upgrade, I’m here to help you navigate the process and find the perfect home for you.
Let’s connect and get you started on your home-buying journey. Drop me a message, and let’s chat about how to make the most of this exciting time in the GTA real estate market. 😊
Don’t forget to share this blog with anyone who’s thinking about buying their next home! ✨
Imagine getting ahead of the next real estate boom by investing in the right place at the right time. 🏡 With mortgage rates expected to drop and sellers eager to make deals, now is that time! Today, I'm sharing insider insights on the top GTA areas poised for growth: Mississauga, Hamilton, Markham, and Burlington. Let's dive in! 🚀
Market Overview 📊
The Greater Toronto Area's real estate market is shifting in favor of buyers. 📈 Inventory is up, sellers are more flexible, and most importantly, there's anticipation that mortgage rates may drop soon. 💰
According to recent forecasts, some economists predict that the Bank of Canada might consider easing monetary policy to support the economy. 🏦 While exact figures and timelines are uncertain, the possibility of lower borrowing costs could make this an opportune time to invest. 🔑
Avery Shenfeld, CIBC's chief economist, suggested, "It really is time to declare victory in the battle against inflation and get the economy moving again. There's no reason not to speed up the process of getting interest rates down materially." 📉
What does this mean for you? Lower borrowing costs and better financing options, making this buyer's market even more advantageous! 🙌 Now, let's delve into the top areas where you should consider investing. 🗺️
Top Areas to Invest 🏙️
1. Mississauga 🌆
First up is Mississauga. This city is experiencing rapid growth and development. 🏗️ The upcoming Hurontario LRT project will enhance connectivity 🚋, and the continuous expansion around the Square One area makes it a vibrant place to live and invest. 🎉 Property prices here are more accessible than downtown Toronto, offering better value for your investment. 💰
With the potential drop in mortgage rates, financing a property in Mississauga becomes even more attractive. 😍 The strong rental market, due to its proximity to Toronto and a thriving job market, ensures good rental yields and long-term appreciation. 📈
2. Hamilton 🏞️
Next on the list is Hamilton. Historically known for its steel industry, Hamilton is transforming into a dynamic urban center. 🌃 More affordable compared to Toronto, it boasts a burgeoning arts scene 🎨, revitalized waterfront 🌊, and major infrastructure investments. 🚧
Investing here now means getting ahead of the curve. 🎯 Lower property prices, combined with the anticipated rate cuts, make financing more manageable. Plus, strong rental demand provides an excellent opportunity for consistent cash flow. 💵
3. Markham 💼
Markham is often dubbed the "High-Tech Capital of Canada" 🖥️, hosting numerous multinational tech companies. Its strong economy and high standard of living make it attractive for professionals and families alike. 👨👩👧👦
Real estate in Markham has shown consistent growth. 📊 With lower mortgage rates on the horizon, purchasing property here becomes even more enticing. Whether you're considering residential or commercial investments, Markham offers stability and potential for appreciation. 🌟
4. Burlington 🌳
Lastly, let's talk about Burlington. Situated along Lake Ontario's western shore 🌅, Burlington consistently ranks as one of Canada's best places to live. 🏅 It offers a high quality of life with its beautiful waterfront 🌊, extensive parklands 🌲, and vibrant downtown filled with shops and restaurants. 🍽️
Burlington has a strong economy with low unemployment rates and excellent schools 📚, making it highly desirable for families and professionals. The real estate market here has demonstrated steady appreciation over the years. 📈 With the anticipated drop in mortgage rates, investing in Burlington's residential market could be a smart move, providing both stability and growth potential. 🏡
Why Now is the Time to Invest ⏰
So, why should you consider investing now?
Buyer's Market Advantage 🛍️: Increased inventory and motivated sellers give you the upper hand in negotiations. 🤝
Potentially Dropping Mortgage Rates 📉: With forecasts indicating possible rate cuts by the Bank of Canada, your borrowing costs could decrease. Lower rates mean lower monthly payments and higher potential returns on your investment. 💰
Economic Growth Potential 🚀: Areas like Mississauga, Hamilton, Markham, and Burlington are not just growing—they're thriving! Investing now positions you to benefit from their upward trajectory. 📈
Investment Types to Consider 🧐
In these top areas, consider focusing on:
Condos 🏢: Ideal for first-time investors or those looking for properties with lower maintenance. With the potential rate drops, condos become even more affordable.
Multi-Unit Properties 🏘️: Great for generating steady rental income. Less competition in the market means better deals.
Pre-Construction Projects 🏗️: Developers may offer incentives like price reductions, upgrades, or extended deposit structures. Lower future rates will make these deals even sweeter when it's time to close.
The GTA is full of investment opportunities, especially in a buyer's market with potentially dropping mortgage rates. Mississauga, Hamilton, Markham, and Burlington each offer unique advantages—be it growth potential, affordability, or strong rental markets. 🌟
Remember, real estate is a long-term game. 🕰️ By investing wisely now, you're setting yourself up for future success as these areas continue to flourish. 🌻
Have questions about investing in these areas or how to make the most of the upcoming mortgage rate changes? 🤔 Feel free to drop your questions in the comments below or reach out to me directly. I'm here to help you navigate your real estate journey. 🧭
If you found this blog helpful, please share it with others who might benefit! 💌 Let's make smart investment decisions together. 🙌
Disclaimer:This information is intended for general informational purposes only and does not constitute financial or investment advice. Please conduct your own research or consult with a financial advisor before making investment decisions. 📄
🔻 Year-over-year decline: 5.3% from August 2023 (5,251 homes sold)
New Listings:
📋 Total: 12,547 listings
🔼 Slight increase: 1.5% more compared to August 2023
Average Home Prices:
💲 Price: $1,074,425
🔻 Down: 0.8% compared to last year
💡 Affordability Outlook
Rate Cut Impact:
The Bank of Canada’s rate cut (September 4) is expected to boost affordability for first-time buyers, especially for those using variable rate mortgages.
Comment: "As mortgage rates continue to drop this year and next, first-time buyers, particularly in the condo market, should increase," said TRREB President Jennifer Pearce.
Sales Trends:
📈 Seasonal Adjustments: August sales edged up from July, while new listings slightly decreased compared to the previous month.
MLS® Home Price Index:
🔻 Down: 4.6% year-over-year in August 2024
🔮 Market Forecast
Future Growth:
With borrowing costs expected to lower over the next 18 months, homebuyers will benefit from lower mortgage payments and reduced home prices.
🏡 Ample choices in the market should keep price growth moderate, especially in the initial stages of recovery, said TRREB Chief Market Analyst Jason Mercer.
🏗️ Focus on Affordable Housing
Boosting Home Construction:
TRREB CEO John DiMichele emphasized the need to focus on creating a mix of affordable homes to meet the region's demand.
🏘️ Municipalities can support this by reducing development charges, which are often passed on to homebuyers.
If you're considering a move north of Toronto but want to keep it affordable, you're in the right place. Today, I'm sharing my top picks for the best affordable areas north of the city. Let’s dive in! 🚀
1. Barrie 🌊
Barrie is a growing city that offers a fantastic blend of urban and natural environments. Here’s what makes Barrie great:
Beautiful waterfront views and activities 🚤
Vibrant downtown area with plenty of shops and restaurants 🍽️
Lower home prices compared to Toronto 💰
Excellent options for families and professionals 👨👩👧👦
2. Newmarket 🏘️
Next up, we have Newmarket. Known for its charming Main Street, Newmarket offers:
A family-friendly environment with excellent schools 🎒
A strong sense of community and safety 👥
Affordable housing options compared to Toronto 🏠
A blend of suburban comfort with urban amenities 🌟
3. Aurora 🌳
Aurora is a picturesque town known for its beautiful parks and vibrant community events. Aurora offers:
Peaceful, small-town feel with easy access to urban amenities 🏞️
Beautiful parks and recreational facilities 🏞️
Historic sites and cultural attractions 🏛️
Vibrant community events and activities 🎉
4. Bradford 🏡
Last but not least, there’s Bradford. This rapidly growing town offers:
Affordable housing and great schools 🏘️
A welcoming and diverse community 🤝
A quieter lifestyle while still being close to Toronto 🚗
Excellent options for families and young professionals 👨👩👧👦
So there you have it, my top affordable areas north of Toronto. Whether you're looking for a vibrant urban lifestyle or a peaceful suburban retreat, these cities have something for everyone. 🏠✨
If you have any questions or need help finding your perfect home, feel free to reach out to us at Find GTA Listings Team. Don’t forget to like, share, and subscribe for more real estate tips and updates! 📢👍
Top Affordable Areas to Move West of Toronto in 2024 🌟🏡
If you're considering a move west of Toronto but want to keep it affordable, you're in the right place. Today, I'm sharing my top picks for the best affordable areas west of the city. Let’s dive in! 🚀
1. Hamilton 🏙️
Hamilton, known as the "Steel City," has been transforming over the years. It offers:
A growing arts scene 🎨
Great schools 📚
A strong sense of community 🤝
Significantly lower home prices compared to Toronto 💰
Hamilton is perfect for families and young professionals looking for a vibrant yet affordable place to call home.
2. Burlington 🌳
Next up, we have Burlington. This beautiful lakeside city offers:
High quality of life 🌟
Plenty of green spaces and parks 🌲
Excellent schools 🎒
A vibrant downtown area 🏢
While slightly more expensive than Hamilton, Burlington’s real estate market still offers great value compared to Toronto, making it a fantastic option for many.
3. Milton 🏞️
Known for its small-town charm and proximity to nature, Milton is rapidly growing. Here’s what makes Milton great:
Perfect for outdoor enthusiasts 🚴♂️
Quiet, family-friendly lifestyle 🏡
Close proximity to the city for convenience 🚗
Milton offers a peaceful retreat without being too far from the hustle and bustle of Toronto.
4. Guelph 🏰
Last but not least, there’s Guelph. This city is known for:
A strong economy 💼
Historic architecture 🏛️
Friendly community vibe 😊
A balance between affordability and quality of life ⚖️
Guelph provides a great mix of cultural heritage and modern amenities, making it an ideal place to settle down.
So there you have it, my top affordable areas west of Toronto. Whether you're looking for a vibrant urban lifestyle or a peaceful suburban retreat, these cities have something for everyone. 🏠✨
If you have any questions or need help finding your perfect home, feel free to reach out to us at Find GTA Listings Team. Don’t forget to like, share, and subscribe for more real estate tips and updates! 📢👍
- 📉 **June 2024 Home Sales Decline in GTA**: Home sales in the Greater Toronto Area (GTA) saw a notable decline in June 2024, with a 16.4% drop compared to the same month last year, according to the Toronto Regional Real Estate Board (TRREB). A total of 6,213 homes were sold through TRREB’s MLS® System, down from 7,429 sales in June 2023. Despite the Bank of Canada cutting interest rates at the beginning of June, many potential buyers chose to postpone their purchase decisions. TRREB President Jennifer Pearce highlighted that the rate cut provided initial relief but suggested that more significant rate cuts might be needed to stimulate the market.
- 🏡 **Market Supply and Prices**: The market remained well-supplied, which, along with buyer hesitation, led to a slight decrease in the average selling price. The average selling price in June 2024 was $1,162,167, a 1.6% drop from $1,181,002 in June 2023. The MLS® Home Price Index (HPI) Composite benchmark also declined by 4.6% year-over-year. However, on a seasonally adjusted monthly basis, both the MLS® HPI Composite and the average selling price saw increases compared to May 2024, indicating some resilience in the market.
- 🕒 **Average Days on Market**: Homes in the GTA spent an average of 20 days on the market in June 2024, reflecting a balanced market where neither buyers nor sellers had a distinct advantage.
- 🏠 **New Listings**: New listings in June 2024 were up by 12.3% year-over-year, with 17,964 new properties entering the MLS® System. TRREB Chief Market Analyst Jason Mercer noted that the well-supplied market has given recent home buyers substantial choice and negotiating power on price. He added that as sales pick up with potentially lower borrowing costs in the future, the elevated inventory levels will help prevent a rapid increase in selling prices.
- 📈 **Long-term Demand**: TRREB CEO John DiMichele emphasized that despite the temporary dip in home sales due to high interest rates, the long-term demand for ownership and rental housing remains strong, driven by robust population growth. He pointed out that Ontario has set an ambitious goal of adding 1.5 million homes by 2031. Achieving this goal will require coordinated efforts from all levels of government to ensure actionable solutions, such as reducing red tape, avoiding financial barriers to home construction, and minimizing housing taxes and development charges.
Here's your latest real estate market update for the Greater Toronto Area (GTA) in May 2024. 📅
Key Highlights
Home sales remained at low levels, especially compared to last spring's market activity surge.
Buyers are waiting for relief on mortgage rates, leading to more negotiating room on prices.
New listings increased year-over-year, providing more options for buyers.
Market Activity 📊
Home sales: 7,013
21.7% decrease from May 2023 (8,960 sales).
New listings: 18,612
21.1% increase year-over-year.
Expert Insights 🗣️
TRREB President Jennifer Pearce shared:
Home buyers are waiting for clear signs of declining mortgage rates.
As borrowing costs decrease over the next 18 months, more buyers, including first-time buyers, are expected to enter the market.
This will help open up much-needed space in a relatively tight rental market.
Price Trends 💲
MLS® Home Price Index Composite Benchmark: Down by 3.5% year-over-year.
Average selling price: $1,165,691
2.5% decrease from May 2023 ($1,195,409).
Slight increase compared to April 2024 on a seasonally adjusted monthly basis.
Market Conditions 🔍
TRREB Chief Market Analyst Jason Mercer noted:
High interest rates continued in May, but buyers benefited from slightly lower selling prices compared to last year.
Selling prices have adjusted to mitigate the impact of higher mortgage rates.
Affordability is expected to improve as borrowing costs trend lower.
As demand picks up, renewed upward pressure on home prices is likely due to increased competition among buyers.
Future Outlook 🌟
TRREB CEO John DiMichele emphasized the need for:
A coordinated effort from all levels of government to address the housing deficit and provide housing for the growing population.
Timely completion of public transit projects, such as the Eglinton Crosstown LRT, to support the region's economic health and liveability.
The GTA real estate market is experiencing low sales levels with increased new listings, offering more choices for buyers. As mortgage rates are expected to decrease, the market is likely to see more activity and potential upward pressure on prices. Stay tuned for more updates and happy house hunting!
If you are interested to know more about moving to Toronto, reach out to us or click on the link below to see what homes cost in the GTA.
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