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Toronto Real Estate Market Report | February 2024
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.
2024 Market Outlook and 2023 Year in Review
TRREB has released their 2024 Market Outlook and 2023 Year in Review report.
OREA’s Analysis of Ontario’s Efforts to Boost Housing Supply
The Ontario Government has set an ambitious goal of adding 1.5 million homes to the province’s housing stock by 2031. This goal reflects the urgent need to solve Ontario’s housing affordability crisis – one ultimately driven by too few homes, for too many people.
Top-Tier Real Estate: 2023 Year in Review
Canada’s metropolitan luxury real estate market evolved over the course of 2023 as buyers emerged from the sidelines with newly altered housing preferences and sharpened priorities, as well as negotiating power that steadily increased as the year progressed.
2024 Luxury Outlook Report
The Sotheby’s International Realty® 2024 Luxury Outlook report overviews industry trends in high-end residential markets around the world and highlights what you can expect in the year ahead.
Market Report | December 2023
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.
Market Report | November 2023
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.
Market Report | October 2023
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.
Top-Tier Real Estate: Fall 2023 State of Luxury Report
As the country’s housing market continued to wrestle with the challenges of elevated mortgage rates, uneven economic performance and intense geopolitical turbulence, reviving luxury single family home sales in the third quarter of the year revealed the relative resilience and adaptability of luxury real estate buyers, as well as Canadians’ unwavering desire to attain home ownership.
Market Report | September 2023
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.
Condo Market Report | Q2 2023
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.
Market Report | August 2023
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.
Market Report | July 2023
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.
Top-Tier Real Estate: 2023 Mid-Year State of Luxury Report
The performance of Canada’s major metropolitan luxury real estate markets diverged in the first half of 2023 as local market differences strengthened following the nationwide housing boom from 2021 to the first quarter of 2022 and the period of near-universal market normalization over the past 12 months.
Market Report | June 2023
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.
Market Report | May 2023
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.
Top-Tier Real Estate: Spring 2023 State of Luxury Report
Canada’s luxury real estate market saw muted sales activity in the first quarter of 2023, as a shortage of housing supply across every spectrum of the market compelled real estate sellers and buyers to delay market engagement to the second quarter.
Market Report | March 2023
Greater Toronto Area (GTA) housing market conditions tightened in March 2023. Sales accounted for an increased share of listings in comparison to March 2022, suggesting that competition between buyers is on the rise. The average sale price was above the average list price for the first time since May 2022.
Market Report | February 2023
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.
What the Foreign Buyers Ban Means For You
On January 1, 2023, the Prohibition on the Purchase of Residential Property by Non-Canadians Act (the “Foreign Buyers Ban”) came into effect in Canada and will be in place for two years.
As a company, Sotheby’s International Realty Canada expects that we will see continued interest and demand for Canadian real estate from purchasers from abroad who will remain fully qualified to purchase a home in Canada.