March 2024 home sales reported through TRREB’s MLS® System were lower than the March 2023 result, due in part to the statutory holiday Good Friday falling in March this year versus April last year. Despite a better-supplied market compared to last year, there was enough competition between buyers to see a moderate increase in the average March home price compared to last year’s level.

Explore the latest trends in the Greater Toronto Area (GTA) real estate market with our comprehensive analysis of the February 2024 real estate market. Discover how population growth, a resilient economy, and changing interest rate expectations are shaping home sales, prices, and new listings. Learn how buyers are adapting to elevated mortgage rates and how the market is responding to increased demand for housing. Stay informed about the impact of unaffordable housing on mental health an the initiatives to promote homeownership in the GTA. This article provides valuable insights for investors, homebuyers, and real estate professionals looking to navigate the dynamic Toronto housing market.

Toronto's evolving real estate landscape has introduced a significant policy: the Vacant Home Tax (VHT) in 2022. Aimed at addressing housing affordability and availability, this tax impacts property owners in the city who might have vacant residential properties. Here, we outline the key aspects of the VHT, its exemptions, and compliance requirements, to assist homeowners and investors in navigating this new terrain.

In 2023, the Greater Toronto Area (GTA) real estate market navigated through a phase of recalibration, influenced by a blend of high borrowing costs and stringent mortgage regulations. Despite a buoyant demand driven by record immigration, the market's tilt was more towards rentals than home ownership. As we usher in 2024, early indicators suggest a potential resurgence in home sales, contingent on anticipated easing of borrowing costs and a resilient economy.

The report, "Market Watch November 2023," presents a comprehensive analysis of the Greater Toronto Area's real estate market, reflecting trends impacted by economic conditions and borrowing costs. As of November 2023, a year-over-year decrease in home sales (-6%) contrasts with an increase in new listings (+16.5%). High inflation and borrowing rates have tempered market activity, maintaining flat year-over-year selling prices. The report anticipates potential relief with forecasted Bank of Canada rate cuts in 2024, which could improve affordability and stimulate market growth. The detailed statistical breakdown covers various housing types, prices, and regional specifics, offering valuable insights for strategic real estate investment and market forecasting.

The Toronto real estate market in October 2023 paints a picture of resilience amid challenges. Despite a 5.8% dip in sales compared to last year, home prices in the GTA have held steady, signalling a robust undercurrent in the market.

The impact of high borrowing costs, high inflation, uncertainty surrounding future Bank of Canada decisions and slower economic growth continued to weigh on Greater Toronto Area (GTA) home sales in September. However, despite the market being better-supplied with listings, the average selling price was up year-over-year.

Market conditions in the condominium apartment segment tightened markedly in the second quarter of 2023. Sales were up strongly on a year-over-year basis, whereas the number of new listings was down sharply.

Higher borrowing costs, continued uncertainty about the economy and Bank of Canada decision making, and the constrained supply of listings resulted in fewer home sales in August 2023 compared to August 2022.

In July 2023, the Greater Toronto Area (GTA) witnessed an increase in home sales, new listings, and prices compared to July 2022. Despite this growth, the momentum slowed following the Bank of Canada's rate adjustments in June. TRREB officials have voiced concerns over the future impact of uncertain borrowing costs and the need for cohesive housing policies amid rising immigration targets.

Discover the latest buzz in Toronto's real estate market and development scene as we recap the top headlines from last week. Stay up-to-date with the city's dynamic property trends and exciting new projects shaping the urban landscape.

Home sales and the average selling price in the Greater Toronto Area (GTA) in June 2023 remained above last year’s levels. Seasonally adjusted sales dipped on a month-over-month basis. The seasonally adjusted average selling price and the MLS® Home Price Index (HPI) Composite benchmark were up compared to the previous month.

The GTA housing market saw a surge in sales in May 2023, but the limited supply of homes failed to keep up with the high demand, resulting in increased competition and rising prices. However, the unexpected interest rate hike in June introduces uncertainty and potential implications for the market in the upcoming summer months.

The Consumer Price Index (CPI) in Canada rose 5.2% YoY in February, showing the largest deceleration in the CPI since April 2020, following a 5.9% increase in January. The YoY deceleration in February 2023 was attributed to the base-year effect, which was due to a steep monthly increase in prices in February 2022 (+1.0%). Excluding food and energy, prices were up 4.8% YoY, while all-items excluding mortgage interest cost rose 4.7%. The CPI increased 0.4% on a monthly basis, with Canadians paying more in mortgage interest costs in February, partially offset by a decline in energy prices. Although inflation has slowed down, prices remain elevated, with an increase of 8.3% compared to 18 months ago.

The report shows that sales of homes in the Greater Toronto Area (GTA) in February 2023 were down 47% compared to the same month the previous year due to the impact of higher borrowing costs resulting from interest rate hikes. Additionally, there was a drop in new listings by 40.9% compared to the previous year, which will lead to increased competition between buyers, eventually resulting in renewed price growth in the market. The report also suggests that new and innovative solutions, such as the City of Toronto's initiative to allow duplexes, triplexes, and fourplexes in all neighbourhoods citywide, need to come to fruition to achieve an adequate and diverse housing supply. Overall, the report highlights the impact of interest rate hikes on the real estate market in the GTA and the need for innovative solutions to support record population growth in the years to come.

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Get the latest insights on the Greater Toronto Area (GTA) housing market with our comprehensive January 2023 market report. Discover key trends, sales data, and expert analysis from Toronto Regional Real Estate Board (TRREB) President Paul Baron and Chief Market Analyst Jason Mercer. Don't miss out on this valuable resource for understanding the impact of higher borrowing costs on affordability and the potential for increased housing demand in the coming months. Read the full report now!

Homeownership market activity in November continued to be influenced by the impact of higher borrowing costs on affordability. Sales were down markedly compared to the same period last year, following the trend that unfolded since the commencement of interest rate hikes in the spring. New listings were also down substantially from last year, and at a very low level historically. The fact that the supply of homes for sale has remained low, has supported average selling prices at the $1.08 to $1.09 million mark since August.

The Bank of Canada today increased its target for the overnight rate to 4¼%, with the Bank Rate at 4½% and the deposit rate at 4¼%. The Bank is also continuing its policy of quantitative tightening.

Inflation around the world remains high and broadly based. Global economic growth is slowing, although it is proving more resilient than was expected at the time of the October Monetary Policy Report (MPR). In the United States, the economy is weakening but consumption continues to be solid and the labour market remains overheated. The gradual easing of global supply bottlenecks continues, although further progress could be disrupted by geopolitical events.

Despite the continued housing market transition to a higher borrowing cost environment, the average selling price in the Greater Toronto Area (GTA) found some support near $1.1 million since the late summer.