The Sonoma Heights Real Estate Newsletter for January 2024 offers a market watch, recent sales data, and featured listings for the Sonoma Heights area, providing insights into the local real estate trends. Additionally, the newsletter discusses mortgage rates and advises potential buyers to consider the impact of interest rate cuts on home prices in the Greater Toronto Area, emphasizing the potential for increased demand and rising prices in the future.
Jason Mercer, Chief Market Analyst at TRREB, commented on the soft growth in GTA home prices, highlighting the upside of improved affordability for buyers. He predicted a more robust price growth in the future, attributing the current adjustments to higher borrowing costs. As mortgage rates are expected to trend lower next year and the population continues to grow, Mercer anticipates increased demand relative to supply, leading to renewed growth in home prices.
In November, the Greater Toronto Area (GTA) real estate market experienced continued challenges due to high borrowing costs and economic uncertainties, resulting in sluggish sales and flat year-over-year price growth, as reported by the Toronto Regional Real Estate Board (TRREB). The average price for a detached City home increased by 3.5% to $1,617,918, while the condo apartment price dipped by 1.7% to $720,280. In the 905 areas, most housing categories saw a slight year-over-year increase in average price, except for townhouses, which experienced a 0.7% decrease. The price for a condo in the 905 areas improved by 6.4% to $689,654 from November 2022.
