Click Here To See Full Market Stats

We saw home sales in the Greater Toronto Area (GTA) decline in August 2024. While new listings showed a small increase. Despite the increase in supply, average prices dipped only slightly compared to August 2023.

The real story that will affect housing going forward is our interest rates. The Bank of Canada dropped their rate for the third time in a row with expectations of another two .25% drops this year. With our 5-year mortgage rates already at 4.39% as of this update, we are very close to seeing mortgage rates below the 4% threshold. This is a far distance from the 6%+ rates that we had just a short 12 months ago. Experts expect the BOC to keep on cutting rates at every meeting until mid-next year when they will likely pause. This would bring our mortgage rates into the mid-3% range which will bring us back to a more normal real estate market.

The current higher levels of inventory (i.e. options for buyers) will start to decrease over the next 6 months. If you’re planning a move and want to time the market just right, now’s the time to start having a conversation to plan out your future move. There is a great opportunity for those who are making a move in the next year. Reach out, we can have a chat and set up a custom plan for you and your family.

Links to other e-newsletter Articles