TRUSTWELL REALTY INC. Brokerage's blog

In Dec ’24, the Toronto real estate market monthly saw a decline of 42.8% of sales volume, 1.8% annually. Prices also came down 3.5% monthly and 1.6% annually.

More affordable low-rise homes like semi-detached and townhomes saw monthly price growth with semi-detached even up 6% yearly . Detached homes were sluggish and were down for 1.4% in price from last year.

Over the year, the market faced significant changes, notably elevated interest rates and significant growth in supply, which resulted in more choice for buyers still in the market and cautious buyer behavior. With further rate...

November 2024 marked a second straight month of year-over-year increases in GTA home sales, with volume up 40.1% and prices up 2.6%. However, compared to last month, volume fell 11.8% and prices dropped 2.6%.

Detached homes saw the highest appreciation in a year, up 3.9%, while condo prices declined slightly by 2.5%.

Properties took longer to sell, likely due to a high number of active listings, with buyers having a lot of choice especially in condos. Lower interest rates and 30-year amortized CMHC-insured mortgages may help stimulate sales of more affordable home types.

...

In October 2024, the average GTA home price reached $1.135M, up 2.5% from September and 1.1% year-over-year. Sales surged to 6,658, marking a 33.3% rise from last month and a 44.4% jump from October 2023.

Sales volumes rose across all segments, led by a 37.2% increase in semi-detached homes and as low as 31.2% in condos, showing a shift in buyer preferences toward low-rise options. Despite this increased activity, price increases remained modest, and the average days on market held at 43, indicating a cautious buyer approach.

Recent rate cuts likely had a role in boosting buyer interest,...

In September 2024, the average price for homes in the GTA was $1.107M, showing a 1.0% decrease compared to September 2023 and a 3.1% increase from August 2024. The number of homes sold in September 2024 was 4,996, representing an 8.5% increase from September 2023 and a slight 0.4% rise from August 2024.

Detached and semi-detached homes saw steady sales growth with stable prices, while townhouse and condo sales volume dipped slightly from the previous month. Both segments experienced modest price increases, indicating improving demand for select units despite some volume declines.

Recent...

In August 2024, the average sold price was $1.074M, down 2.9% from July and 0.8% from August 2023. Sales dropped 7.7% month-over-month and 5.3% year-over-year, with 4,975 homes sold. This indicates a more significant cooling of sales compared to prices, reflecting caution in the market.

Condos experienced the most substantial decline, with prices falling 6.1% month-over-month and 4.5% year-over-year, while townhouses dropped 2.5% and 4.6%, respectively. Detached homes, by contrast, remained relatively stable with a minor 0.8% decline month-over-month. Buyers seem to be favoring larger...

There were more home sales in the GTA in July 2024 compared to July 2023 yet sales dropped by 13.2% from the previous month. Average home prices were close to last year and down 4.8% from last month.

New listings tapered a bit and active listings continued to be up 1.1% from last month. There was still a 55.4% increase of active listings from last year. Detached homes seemed to hold up value over the last year, while others dipped slightly.

Buyers were able to benefit from better pricing because of more choice and slight improvements to costs of borrowing. Further slowing of active...

June 2024 GTA real estate sales volume dropped slightly by 11.4% from last month and 16.4% from last year. Prices were also down slightly by 0.3% from May and 1.6% below last year.

All home types experienced a decline in price from last month, especially semi-detached homes. Similarly, on a yearly basis, each home type experienced a decline in sale price but semi-detached home prices fell by 9.3%.

The growth in active listings and decline in sales volume was similar to last year, except there was a modest interest rate cut. The cut was not enough to sway significant buyers back into the...

In May 2024, GTA real estate sales edged down 1.4% from last month and dropped by 21.7% from last year. Although prices were up slightly from April, they were down 2.5% over the last year.

The price of most home types were generally stable but semi-detached homes experienced the greatest growth of 3% over the last month. We have also seen the number of active listings almost double in the last 3 months while sales have only gone up by 25%.

Growth of supply continued to outpace growth of demand. During this time last year, interest rates began to increase leading to sharp declines in...

For April 2024, GTA real estate market monthly sales increased 8.4% and prices also went up 3.1%. From last year, sales dropped by 5% and prices stayed steady. Detached home prices rose by 1.8% while townhomes dropped by -3.7%.

Sales were down compared to last month while supply has grown quite significantly. Buyers enjoyed more choice but interest rates continue to keep affordability as a concern.

More homes were listed likely in anticipation of more buyer activity while buyers wait for interest rates to come down. Mortgages coming up for renewal have also played a role in motivating...

In March 2024, GTA real estate market saw a 17% sales increase from last month despite being 4.5% down from last year. Still, prices edged up a bit over 1% both monthly and yearly.

Compared to last year, average home prices remained somewhat the same, except semi-detached homes which gained 3.1%. On a monthly basis, we saw detached homes with the highest growth in price by 1.6% and volume by 16.0%.

New and active listings continued to grow and add to supply. Although we still saw relatively low sales across all home types, partly due to high interest rates, there was increased sales...