toronto housing market

Toronto's January Real Estate Market Report & Interest Rate Cuts

Toronto's January Real Estate Market Report & Interest Rate Cuts

Toronto's January Real Estate Market Report & Interest Rate Cuts

Sales were up in January 2024. In this video, we'll take a look at: 1/ What happened in Toronto's real estate market in January 2024 2/ When will the Bank of Canada cut its benchmark rate

The Monthly Toronto Real Estate Insights - Jan 2024 Edition

The Monthly Toronto Real Estate Insights - Jan 2024 Edition

January 2024 Toronto Real Estate Insights: Toronto Vacant Tax, Property Tax, Land Transfer Tax updates and Interest rate cuts

September 2023 Toronto Real Estate Market Analysis

In this comprehensive analysis, we highlight four key observations that shed light on the current state of the real estate market.

1. The Sales Activity has been Decreasing

In May 2023, there were just over 9,000 sales, whereas September had 4,600 sales. That is a 50 % drop. Now typically, we would see an uptick in sales in the month of September, because that would be the beginning of the fall real estate market. However, we did not see that. The actual numbers for August were higher in sales figures compared to the month of September. This speaks to the headwind the real estate market is facing due to the lack of affordability, which is driven by higher interest rates.

2. Active and New Listing has been Increasing

The number of active and new listings has been increasing faster compared to the number of sales. This leads to higher months of inventory: It will take longer for these properties to sell and eventually as more supply sits on the market, there will be downward pressure on prices moving forward.

3. Affordability Challenge

We have had 53,000 sales up till September 2023. In the greater Toronto area, 82 % of those of sales have been under $1.5 million which again speaks to the lack of affordability due to higher interest rates.

4. Lowest Sales since 2010

Overall, 2023 looks like it has the lowest sales since 2010. Last year we had 75,000 sales. So far in this year, we've had 53,000 and it looks like we will end up around 70-72,000.

Are Toronto House Prices Cheaper Now?

Are Toronto House Prices Cheaper Now?

There is no doubt house prices have dropped since Feb 2022. Are houses now really cheaper? Hint this is a trick question.

Will Toronto House Prices Drop?

Will Toronto House Prices Drop?

Will Toronto House Prices Drop? Bank of Canada has, so far, increased the benchmark rate 3.5% since Feb. 2022. Toronto house prices have dropped since then.

I discuss what has happened in Toronto's real estate market, what's happening and what will happen based on 3 indicators I'm tracking.