June 27, 2024

July & August – Bimonthly GTA Newsletter

The Greater Toronto Area (GTA) housing market showed stability in May, with transactions remaining steady at 7,013, similar to April’s 7,114. The average price also saw little change, hovering around $1.16 million. However, a year-over-year comparison revealed a decline in both sales and prices. This reflects the market response to the Bank of Canada’s interest rate hikes and subsequent pauses, with a recent 25 basis points cut in June not significantly impacting market expectations.

Opinions on the rate cut’s impact varied among experts. Some anticipate a boost in market activity, while others believe the cut is insufficient to alter market dynamics. May saw a 21.1% year-over-year increase in new listings, providing more choices for buyers and potentially stabilizing prices.

The condo market followed similar trends, with sales down by 24.1% year-over-year and prices seeing slight declines. New listings surged by 34%, adding inventory but close to April’s figures.

The rental market balanced out, with rents slightly down compared to last year. Experts predict that as borrowing costs decrease, increased first-time buyer activity will absorb inventory, potentially driving up prices.

Homeowners are reminded of various tax credits for renovations, such as the Home Accessibility Tax Credit and the Multi-Generational Home Renovation Tax Credit. For mortgages, thorough research and negotiation remain crucial, especially after HSBC Canada’s acquisition by RBC, which reduced aggressive rate advertising.

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