Buyers continue to benefit as sales soften, prices dip, and inventory stays elevated—despite improving monthly momentum.

🔍 By the Numbers: October at a Glance

• Total Sales: 6,138 (–9.5% YoY, +9.76% MoM)

• Average Selling Price: $1,054,372 (–7.2% YoY, –0.5% MoM)

• New Listings: +2.7% YoY, –16.6% MoM

• Active Listings: 27,808 (+17.2% YoY, –5.4% MoM)

• Sales-to-New Listings Ratio: ~38%

• Days on Market:

  • Property DOM: 50 days

  • Listing DOM: 31 days

• Months of Inventory: 4.53 months — a balanced market favouring buyers
  

🧠 Top Takeaway

October continued a trend of improved month-over-month sales, but high supply and softening prices create ideal conditions for confident buyers to take advantage of increased affordability.

What's happening locally? Toronto Market Insights

Then what’s happening out east in Durham region. Every city/town is unique as are the communities within them. Scroll through to find your town.

🏘 Segment Performance

Condos

• ~25.4% of sales

• ~32% of active inventory

• 5.7 months of supply → Firm buyer’s market
  Condo inventory remains high, keeping conditions highly negotiable for buyers, especially for 1-bedroom and micro units.
  

Detached Homes

• 4.5 months of inventory

• Moving back toward balance but still leaning buyers
  Detached homes show more stability than condos, but elevated supply continues to give buyers leverage.
  

Durham Region

• 3.6 months of inventory

• Still balanced, but slowly rising inventory is easing pressure on buyers.
  

City of Toronto

• 4.53 months of inventory

• Improved from earlier in the year but still buyer-leaning

🏦 Economic & Financing Context

• The Bank of Canada cut its policy rate by 0.25% in October, marking another step toward improved borrowing conditions.

  • Variable-rate mortgage holders benefit immediately: for every $100,000 of mortgage debt, the latest prime rate cut translates into savings of about $14 less per month under a 25-year amortization. 

  • Fixed-payment variable mortgages (where monthly payments stay the same even if rates fall) see greater principal repayment when rates drop, boosting equity growth even if the payment doesn’t change. 

  • Home equity lines of credit (HELOCs) and personal lines of credit—both tied to prime—also see immediate interest-cost relief following the prime reduction. 

  • With roughly one-third of outstanding mortgages in Canada still variable-rate, the rate cut offers meaningful financial flexibility for a large portion of homeowners.

• Lower borrowing costs could help offset declines in prices, slowly improving affordability—but have not yet been enough to pull hesitant buyers off the sidelines.

• Economic uncertainty tied to global trade tensions (U.S.–China, U.S.–Canada) continues to weigh on consumer confidence and spending.

🔄 What’s Changing — and What’s Not

✅ Momentum is returning

Sales increased month-over-month as buyers reacted to lower mortgage rates.

✅ Prices continue to soften

Year-over-year declines persist, October showed the largest YoY price decline of 2025..

✅ Supply remains a powerful market force

High inventory continues to give buyers strong negotiation power despite improving sales numbers.

✅ Rate cuts help—but don’t change the fundamentals yet

Borrowing is cheaper, but broader economic uncertainty continues to hold many buyers back.

⚖️ Buyer vs. Seller Strategy

For Buyers:

• You’re still firmly in the driver’s seat.

• With lower rates and high inventory, take your time—but avoid trying to time the exact bottom.

• There’s meaningful negotiating room in condos and mid-tier detached homes.

• If you find a home that meets your needs and budget, the fundamentals favor buying now rather than waiting.
  

For Sellers:

• Price strategically and realistically—do not chase the market downward.

• Homes that are priced accurately and show well are selling; homes that aren’t are sitting.

• Understand your local competition—especially if selling a condo or entry-level detached home.

• Preparation, pricing, and promotion remain critical in this environment.
  

🔮 Quick Verdict

The Bottom Line:

In October, sales weren’t strong enough to combat softening prices, combined with elevated inventory and a fresh rate cut it created one of the most buyer-friendly markets we’ve seen—giving ready buyers meaningful negotiation power in a cautiously improving landscape.

Need help navigating the current market?

👉 Reach out for a personalized consultation

Buyers continue to benefit as sales soften, prices dip, and inventory stays elevated—despite improving monthly momentum.

🔍 By the Numbers: October at a Glance

• Total Sales: 6,138 (–9.5% YoY, +9.76% MoM)

• Average Selling Price: $1,054,372 (–7.2% YoY, –0.5% MoM)

• New Listings: +2.7% YoY, –16.6% MoM

• Active Listings: 27,808 (+17.2% YoY, –5.4% MoM)

• Sales-to-New Listings Ratio: ~38%

• Days on Market:

  • Property DOM: 50 days

  • Listing DOM: 31 days

• Months of Inventory: 4.53 months — a balanced market favouring buyers
  

🧠 Top Takeaway

October continued a trend of improved month-over-month sales, but high supply and softening prices create ideal conditions for confident buyers to take advantage of increased affordability.

What's happening locally? Durham Region Market Insights

Every city/town is unique as are the communities within them. Scroll through to find your town.

🏘 Segment Performance

Condos

• ~25.4% of sales

• ~32% of active inventory

• 5.7 months of supply → Firm buyer’s market
  Condo inventory remains high, keeping conditions highly negotiable for buyers, especially for 1-bedroom and micro units.
  

Detached Homes

• 4.5 months of inventory

• Moving back toward balance but still leaning buyers
  Detached homes show more stability than condos, but elevated supply continues to give buyers leverage.
  

Durham Region

• 3.6 months of inventory

• Still balanced, but slowly rising inventory is easing pressure on buyers.
  

City of Toronto

• 4.53 months of inventory

• Improved from earlier in the year but still buyer-leaning

🏦 Economic & Financing Context

• The Bank of Canada cut its policy rate by 0.25% in October, marking another step toward improved borrowing conditions.

  • Variable-rate mortgage holders benefit immediately: for every $100,000 of mortgage debt, the latest prime rate cut translates into savings of about $14 less per month under a 25-year amortization. 

  • Fixed-payment variable mortgages (where monthly payments stay the same even if rates fall) see greater principal repayment when rates drop, boosting equity growth even if the payment doesn’t change. 

  • Home equity lines of credit (HELOCs) and personal lines of credit—both tied to prime—also see immediate interest-cost relief following the prime reduction. 

  • With roughly one-third of outstanding mortgages in Canada still variable-rate, the rate cut offers meaningful financial flexibility for a large portion of homeowners.

• Lower borrowing costs could help offset declines in prices, slowly improving affordability—but have not yet been enough to pull hesitant buyers off the sidelines.

• Economic uncertainty tied to global trade tensions (U.S.–China, U.S.–Canada) continues to weigh on consumer confidence and spending.

🔄 What’s Changing — and What’s Not

✅ Momentum is returning

Sales increased month-over-month as buyers reacted to lower mortgage rates.

✅ Prices continue to soften

Year-over-year declines persist, October showed the largest YoY price decline of 2025..

✅ Supply remains a powerful market force

High inventory continues to give buyers strong negotiation power despite improving sales numbers.

✅ Rate cuts help—but don’t change the fundamentals yet

Borrowing is cheaper, but broader economic uncertainty continues to hold many buyers back.

⚖️ Buyer vs. Seller Strategy

For Buyers:

• You’re still firmly in the driver’s seat.

• With lower rates and high inventory, take your time—but avoid trying to time the exact bottom.

• There’s meaningful negotiating room in condos and mid-tier detached homes.

• If you find a home that meets your needs and budget, the fundamentals favor buying now rather than waiting.
  

For Sellers:

• Price strategically and realistically—do not chase the market downward.

• Homes that are priced accurately and show well are selling; homes that aren’t are sitting.

• Understand your local competition—especially if selling a condo or entry-level detached home.

• Preparation, pricing, and promotion remain critical in this environment.
  

🔮 Quick Verdict

The Bottom Line:

In October, sales weren’t strong enough to combat softening prices, combined with elevated inventory and a fresh rate cut it created one of the most buyer-friendly markets we’ve seen—giving ready buyers meaningful negotiation power in a cautiously improving landscape.

Need help navigating the current market?

👉 Reach out for a personalized consultation

Sales hold steady, prices dip, and inventory levels continue to give buyers the upper hand.

By the Numbers: September at a Glance

• Total Sales: 5,211 (+2.3% YoY, –14.6% MoM)

• Average Selling Price: $1,022,143 (–5.2% YoY, –2.8% MoM)

• New Listings: Up 9.4% YoY, down 20.3% MoM

• Active Listings: 27,495 (+22.4% YoY, –9% MoM)

• Sales-to-New Listings Ratio: ~37%

• Days on Market:

  • Property DOM: 41 days

  • Listing DOM: 30 days

• Months of Inventory: ~5 months — favouring buyers

🧠 Top Takeaway:

August showed stable sales but continued price softness, with steady inventory keeping the market tilted in favour of buyers—even as demand remains consistent.

What's happening locally? Durham & Toronto Market Insights

Every city/town is unique as are the communities within them. Scroll through to find your town.

📸 Segment Snapshot

📉Economic & Construction Insights

• Bank of Canada Watch: With the next rate decision on September 17, all eyes are on upcoming inflation data to guide policy direction. Opinions vary on whether the central bank will raise or cut its 2.75% rate.

• Building Activity Slowing: New housing starts surged 4% July-over-July overall in Canada, but Ontario continues to lag. Windsor recorded 25% fewer starts in H1 2025 versus 2024—and Toronto’s figures fell dramatically.
  

🏠 What’s Changing — and What’s Not

1. Affordability Still a Focus: Prices are easing YoY, but many buyers still face monthly affordability challenges—even in a more liquid market.
   

2. Inventory Remains Elevated: With five months of supply, buyers have ample choice, though market activity remains measured.
   

3. Construction Slowdown Looms: Decreased housing starts in Ontario may tighten future supply—an important insight for strategic buyers or long-term investors.
   

4. Interest Rate Uncertainty Ahead: Inflation data due mid-September could sway BoC decisions, impacting mortgage cost expectations.

⚖️ Buyers vs. Sellers: What’s the Game Plan?

For Buyers:

• You’ve got room to navigate—no need to rush or overpay.

• Stay informed about rate movements ahead of the September decision.

• Low construction today may mean fewer new choices down the road—act when ready.

For Sellers:

• Price competitively—don’t cut too late chasing correction.

• Professional valuation remain important

• Let’s align your timing with market trends and local dynamics—especially in areas like Durham, where inventory remains balanced.

🔮 Quick Verdict

📞Need a Customized Buying or Selling Strategy?

Whether you’re ready to act or just assessing, now is the time for informed moves. Let’s collaborate to create a strategy tailored to your goals and market timing.

👉 Reach out for a personalized consultation

SOURCES: TRREB, Canadian Mortgage Trends, CMP, Bank of Canada, CBC, Todayville, cmhc-schl.gc.ca, TD Economics, RBC

Sales hold steady, prices dip, and inventory levels continue to give buyers the upper hand.

By the Numbers: September at a Glance

• Total Sales: 5,211 (+2.3% YoY, –14.6% MoM)

• Average Selling Price: $1,022,143 (–5.2% YoY, –2.8% MoM)

• New Listings: Up 9.4% YoY, down 20.3% MoM

• Active Listings: 27,495 (+22.4% YoY, –9% MoM)

• Sales-to-New Listings Ratio: ~37%

• Days on Market:

  • Property DOM: 41 days

  • Listing DOM: 30 days

• Months of Inventory: ~5 months — favouring buyers

🧠 Top Takeaway:

August showed stable sales but continued price softness, with steady inventory keeping the market tilted in favour of buyers—even as demand remains consistent.

What's happening locally? Durham & Toronto Market Insights

Every city/town is unique as are the communities within them. Scroll through to find your town.

📸 Segment Snapshot

📉Economic & Construction Insights

• Bank of Canada Watch: With the next rate decision on September 17, all eyes are on upcoming inflation data to guide policy direction. Opinions vary on whether the central bank will raise or cut its 2.75% rate.

• Building Activity Slowing: New housing starts surged 4% July-over-July overall in Canada, but Ontario continues to lag. Windsor recorded 25% fewer starts in H1 2025 versus 2024—and Toronto’s figures fell dramatically.
  

🏠 What’s Changing — and What’s Not

1. Affordability Still a Focus: Prices are easing YoY, but many buyers still face monthly affordability challenges—even in a more liquid market.
   

2. Inventory Remains Elevated: With five months of supply, buyers have ample choice, though market activity remains measured.
   

3. Construction Slowdown Looms: Decreased housing starts in Ontario may tighten future supply—an important insight for strategic buyers or long-term investors.
   

4. Interest Rate Uncertainty Ahead: Inflation data due mid-September could sway BoC decisions, impacting mortgage cost expectations.

⚖️ Buyers vs. Sellers: What’s the Game Plan?

For Buyers:

• You’ve got room to navigate—no need to rush or overpay.

• Stay informed about rate movements ahead of the September decision.

• Low construction today may mean fewer new choices down the road—act when ready.

For Sellers:

• Price competitively—don’t cut too late chasing correction.

• Professional valuation remain important

• Let’s align your timing with market trends and local dynamics—especially in areas like Durham, where inventory remains balanced.

🔮 Quick Verdict

📞Need a Customized Buying or Selling Strategy?

Whether you’re ready to act or just assessing, now is the time for informed moves. Let’s collaborate to create a strategy tailored to your goals and market timing.

👉 Reach out for a personalized consultation

SOURCES: TRREB, Canadian Mortgage Trends, CMP, Bank of Canada, CBC, Todayville, cmhc-schl.gc.ca, TD Economics, RBC

If you’re considering a move in the last half of 2025 getting expert insight into the market is a must so this post is for you.

RE/MAX has come out with their annual Fall market update. It not only recaps year-to-date for the Canadian real estate market and highlights communities like Durham Region, but it offers a prediction into what RE/MAX expects to happen by years end. 

While our team is with Sutton Group we believe information is power for our clients and the RE/MAX perspective is worth taking a look at. That said, don’t let the headlines dictate your move. Timing the market is full of potential landmines. Before making any decisions speak to an expert and get on-the-ground insights about your market and your situation. Need help? Contact us.

In the meantime lets see what RE/MAX has to say:

Canadian Real Estate Market Year-to-Date (2025)

• Average home price (Jan 1–Jul 3): $900,089, marking a 3.7 % drop year-over-year.

• Sales volume (Jan 1–Jul 31): 4,999 units, down 11.1 % year-over-year.

• New listings (Jan 1–Jul 31): 13,425, a 14.4 % increase year-over-year.

What’s Ahead for the Rest of 2025

• Average price is projected to fall 5 %, landing around $855,085 by year-end.

• Sales are expected to decline a further 3 %.

• This confirms a buyer’s market nationwide, with inventory climbing and demand softening.

Nationwide, RE/MAX expects the national average home price to slide by 6.5 % and sales to dip by 5 % by year-end. Inventory surges in Ontario and BC are gradually shifting these areas into buyer-favored territory.

Key Takeaways: Canada at a Glance

1. Buyers hold the leverage. Rising inventory and falling prices give purchasers more negotiating power.

2. Prices dipping but regionally varied. Ontario and BC see declines, while Atlantic Canada and the Prairies hold firm or even rise.

3. Shifting buyer profile. First-time buyers now tend to be older (late 20s to 40s), many turning to family help, co-ownership, or strong savings to get in the game..

4. Sellers adjusting. Expect more realistic pricing, strategic staging, and conditional offers as new market norms.

5. Falling rates fuel optimism. Inventory up + affordability improving may attract cautious buyers back into the market.

Bottom line: Across Canada, the real estate market is tilting in favour of informed and prepared buyers, while sellers who align with current realities will still find success.

Focus: Durham Region

Here's how Durham Region is shaping up:

• Avg. price (Jan 1–Jul 3): $900,089—a 3.7 % drop from last year.

• Sales (Jan 1–Jul 31): 4,999 units, down 11.1 %.

• Listings: 13,425, up 14.4 %.

• Year-end forecast:

  • Price: –5 %, projecting to $855,085.

  • Sales: –3 %.

  • Market type: Firmly a buyer’s market.

Developments in late summer/early fall show continued balance:

• Balanced market conditions, with buyers seeing more options and homes staying on market longer.

• Inventory nearing 2009 highs, sales down sharply, homes generally selling below list price—especially in southern Durham.

• Average September sale price: $842,615 (down 5.8 % year-over-year), with sale-to-list ratio around 98.3 %.

• Months of inventory: About 5.6 months, indicating sufficient supply for current demand.

Durham Region Takeaway

Buyers have the upper hand—with more choices and less urgency in bidding wars. Sellers must price smart, time thoughtfully, and stand out in a crowded landscape. Proper preparation and local strategy are key for anyone looking to transact by year’s end.

Final Word:

For buyers, now is a moment of opportunity—leverage the extra inventory and negotiate smartly. Sellers? Align with the market, focus on presentation and pricing, and get the help of a seasoned agent to stand out.

GET THE HELP YOU NEED 👉 CONTACT US

SOURCES: RE/MAX Canada, Narcity, Ceros, renxhomes.ca, REMINET, Yahoo Finance, John Owen

Don’t be fooled by the headlines. Let us give you the whole picture. Sales are heating up, but inventory remains elevated—buyers still hold the advantage.

By the Numbers: July at a Glance

• Total Sales: 6,100 (+10.9% YoY, –2.3% MoM)

• Average Selling Price: $1,051,719 (–5.5% YoY, –4.5% MoM)

• New Listings: 17,613 (+5.7% YoY, –11.2% MoM)

• Active Listings: 30,215 (+26.1% YoY, –4.4% MoM)

• Sales-to-New Listings Ratio: ~35%

• Days on Market:

  • Property DOM: 41 days

  • Listing DOM: 30 days

• Months of Inventory: 4.95 months — a balanced market with a slight buyer tilt

🧠 Top Takeaway:

July delivered the strongest home sales for the month since 2021, but high inventory kept the market balanced—leaning in favour of buyers.

What's happening locally? Durham & Toronto Market Insights

Every city/town is unique as are the communities within them. Scroll through to find your town.

Segment Insights

📉 Economic & Rate Context

• BoC Rate: Held at 2.75%, with global economic uncertainty and trade tensions continuing to weigh on policy decisions.

• Macro Observations: Housing remains a key economic driver. Cuts to interest rates would support stronger sales, but affordability is gradually improving as prices soften.

🏠 What’s Changing — and What’s Not

1. Sales Are Gaining Momentum: July sales were the most robust for the month in four years, showing renewed buyer activity.

2. Prices Continue to Cool: Average prices are still down year-over-year, improving affordability.

3. Inventory Remains Elevated: More listings mean choice for buyers—and leverage in negotiations.

4. Segment Trends Differ: Condos remain strongly buyer-friendly, while demand for detached homes and suburban areas shows stability.

⚖️ Buyers vs. Sellers: Who Holds the Edge?

For Buyers:

• Enjoy expanded choices and improved pricing—particularly in the condo market.

• Entry-level detached homes are active, but still offer room for negotiation.

• With possible rate cuts ahead, locking in financing sooner may be smart.

For Sellers:

• Entry-level properties remain in demand; € ensure proper presentation and pricing.

• Larger or luxury listings may require more time to sell—strategic marketing is essential.

• Partner with an agent who can position your home effectively in this nuanced market.

🔮 Quick Verdict

📞 Need Strategy, Not Guesswork?

July’s market shows more activity—but high inventory means buyers have choices and sellers must be smart. Whether you're ready to act or gathering intel, let’s collaborate and build your tailored strategy.

👉 Reach out for your personalized consultation

SOURCES:  TRREB, Zoocasa, Global News, Sotheby's Residences Group, Storeys, GlobeNewswire, GTA Chronicle

📊 Market Snapshot

• Total Sales: 6,244 (-13.3% YoY, +11.5% MoM)

• Average Selling Price: $1,120,879 (-4% YoY, +1.2% MoM)

• New Listings: 21,819 (+14% YoY, +15.8% MoM)

• Active Listings: 30,964 (+41.5% YoY, +13.1% MoM) — the highest in nearly 25 years

• Sales-to-New Listings Ratio: 38%

• Property Days on Market (PDOM): 39 days

• Listing Days on Market (LDOM): 25 days

• Months of Inventory (MOI): 4.96 — indicating a balanced market leaning towards buyers
  

🧠 Top Takeaway

May 2025 marked a significant shift in the GTA housing market. While sales saw a modest month-over-month increase, the surge in active listings to a 25-year high has tilted the market dynamics. With a sales-to-new listings ratio of 38% and nearly 5 months of inventory, buyers are gaining more negotiating power, especially in certain segments.

What's happening locally? Durham & Toronto Market Insights

Every city/town is unique as are the communities within them. Scroll through to find your town.

🏘️ Segment Insights

• Condos: With over 7 months of inventory, condos, particularly 1-bedroom units, remain firmly in a buyer's market. They account for 34% of active listings.

• Detached Homes: Representing 44% of inventory, detached homes have 4.6 months of inventory, indicating a balanced market.

• Townhomes & Semis: These segments continue to stay balanced, offering opportunities for both buyers and sellers.

• Regional Highlights:

  • Durham Region: Balanced market with 3.25 months of inventory.

  • City of Toronto: Leaning towards a buyer's market with 5.23 months of inventory; condo apartments at 7.42 months.

💰 Mortgage & Financing Update

On June 4th, the Bank of Canada held its benchmark rate steady at 2.75% for the third consecutive time, citing economic uncertainties stemming from global trade tensions. Fixed mortgage rates have seen slight increases, with RBC raising its 3, 4, and 5-year fixed rates by 5 basis points.

🧭 Guidance for Buyers & Sellers

Buyers:

• More Options: The surge in listings provides a broader selection. Take your time, conduct thorough due diligence, and don't rush decisions.

• Upgraders: Ensure you have a clear understanding of the financial implications of selling and buying in the current market.

• Downsizers: Smaller detached homes and townhouses are seeing increased competition as they align better with buyer purchasing power.

Sellers:

• Preparation is Key: With increased competition, focus on the 3 Ps: Preparation, Price, and Promotion.

• Entry-Level Homes: Still in demand.

• Larger Detached Homes: Be prepared for a longer selling window. Strategic pricing and marketing are essential.
  

🔮 Market Outlook

The GTA housing market is experiencing a transition. While certain segments remain competitive, the overall increase in inventory provides buyers with more leverage. Sellers need to adapt to the changing dynamics by ensuring their properties are well-prepared and competitively priced.

Need personalized advice? Whether you're buying, selling, or just exploring your options, we're here to help you navigate the evolving market landscape.

👉 Contact Us for a consultation tailored to your needs.

Call Ben at 905-995-23372 or Jim at 905-409-9967

MORE MARKET INSIGHTS (Markham/Stouffville & Port Hope/Cobourg)

Is housing in the GTA becoming more affordable?

GTA home sales fell 5.3% year-over-year in August 2024, with a slight increase in new listings. Despite a modest dip in average home prices, the market remains well-supplied. Recent Bank of Canada rate cuts are expected to enhance affordability, especially for first-time buyers.

Market Summary

• Sales Momentum: Sales decreased by 5.3% compared to August 2023 and 7.72% from July 2024.

• Listing Dynamics: New listings were up 1.5% year-over-year but down 23% from July 2024.

• Active Listings: Active listings increased by 46% from 2023 but saw a 5.1% decline from July 2024.

• Price Trends: Average home prices were down 0.8% year-over-year and 7.72% from July 2024.

• Market Status: With 5 months of inventory, the GTA market is currently in a buyer's market. Sales to new listings ratio fell 3% from 2023 but rose 7% from July.

• Time to Sell: Listings spent an average of 28 days on the market, while properties were on the market for 44 days.

What's happening locally? Toronto Market Insights

Every city/town is unique as are the communities within them. Scroll through to find your town.

Impact of Interest Rates

On September 4th the Bank of Canada reduced it’s policy rate for the third straight time by a quarter point. The Bank of Canada’s recent rate cut is poised to improve housing affordability, particularly benefiting those with variable-rate mortgages. As borrowing costs decrease, we anticipate increased first-time buyer activity, which could stimulate the condo market and overall housing demand.

What Does This Mean for Buyers and Sellers?

For Buyers

Buyers will find favorable conditions with lower mortgage rates and modestly reduced home prices. The current market offers more choices, particularly in the condo sector, making it an opportune moment for those looking to enter or upgrade within the market.

For Sellers

Sellers in the GTA may experience a slower pace of sales due to the year-over-year decline, despite a stable inventory. With average prices slightly down, sellers should be prepared for modest offers but can benefit from increased buyer interest as affordability improves over time.

In Conclusion 

The GTA housing market is navigating a period of adjustment with declining sales and slightly lower prices. The recent rate cut promises to boost affordability and buyer activity, setting the stage for a gradual market recovery.

Get the Help You Need:

Ready to buy or sell in the GTA? Contact us today for expert guidance and personalized support to navigate this evolving market and make the most of current opportunities.

Call Ben at 905-995-23372 or Jim at 905-409-9967

Is housing in the GTA becoming more affordable?

GTA home sales fell 5.3% year-over-year in August 2024, with a slight increase in new listings. Despite a modest dip in average home prices, the market remains well-supplied. Recent Bank of Canada rate cuts are expected to enhance affordability, especially for first-time buyers.

Market Summary

• Sales Momentum: Sales decreased by 5.3% compared to August 2023 and 7.72% from July 2024.

• Listing Dynamics: New listings were up 1.5% year-over-year but down 23% from July 2024.

• Active Listings: Active listings increased by 46% from 2023 but saw a 5.1% decline from July 2024.

• Price Trends: Average home prices were down 0.8% year-over-year and 7.72% from July 2024.

• Market Status: With 5 months of inventory, the GTA market is currently in a buyer's market. Sales to new listings ratio fell 3% from 2023 but rose 7% from July.

• Time to Sell: Listings spent an average of 28 days on the market, while properties were on the market for 44 days.

What's happening locally? Durham & Toronto Market Insights

Every city/town is unique as are the communities within them. Scroll through to find your town.

Impact of Interest Rates

On September 4th the Bank of Canada reduced it’s policy rate for the third straight time by a quarter point. The Bank of Canada’s recent rate cut is poised to improve housing affordability, particularly benefiting those with variable-rate mortgages. As borrowing costs decrease, we anticipate increased first-time buyer activity, which could stimulate the condo market and overall housing demand.

What Does This Mean for Buyers and Sellers?

For Buyers

Buyers will find favorable conditions with lower mortgage rates and modestly reduced home prices. The current market offers more choices, particularly in the condo sector, making it an opportune moment for those looking to enter or upgrade within the market.

For Sellers

Sellers in the GTA may experience a slower pace of sales due to the year-over-year decline, despite a stable inventory. With average prices slightly down, sellers should be prepared for modest offers but can benefit from increased buyer interest as affordability improves over time.

In Conclusion 

The GTA housing market is navigating a period of adjustment with declining sales and slightly lower prices. The recent rate cut promises to boost affordability and buyer activity, setting the stage for a gradual market recovery.

Get the Help You Need:

Ready to buy or sell in the GTA? Contact us today for expert guidance and personalized support to navigate this evolving market and make the most of current opportunities.

Call Ben at 905-995-23372 or Jim at 905-409-9967

MORE MARKET INSIGHTS (Markham/Stouffville & Port Hope/Cobourg)

Greetings, GTA homebuyers and sellers! As we step into June, it's time to reflect on the dynamic real estate landscape that unfolded throughout May 2024. Join us as we uncover the latest insights and trends from the past month, offering a clear perspective on what May's market stats mean for your real estate journey. At Jim Stanton & Associates, our commitment to providing you with valuable information remains steadfast. Let's explore together the opportunities and possibilities that await in the ever-evolving GTA market.

Market Summary: In May 2024, the GTA real estate market showed mixed signals:

• Sales Momentum: Compared to the same period last year, sales decreased by 21.7%. There was a month-over-month decrease of 1.42%.

• Listing Dynamics: New listings were up 21.1% from 2023 and 9.9% month-over-month.

• Active Listings: Active listings saw a significant increase, up 83.3% from 2023 and 20.3% from April 2024.

• Price Trends: The average price for homes was down 2.5% year-over-year but saw a slight increase of 0.8% month-over-month.

• Balanced Market: With 3 months of inventory available, the market was balanced.

• Time to Sell: Days on Market remained stable month-over-month.

Click here to view the TRREB Market Watch Report for May 2024

What's happening? Toronto Market Insights

Interest Rates

On June 5th, the Bank of Canada decreased its policy interest rate by 25 basis points. This is the first move since July 2023 and the first reduction since it began increasing the rate in March 2022 from its record low of 0.25%. The last time interest rates were lowered by the Bank of Canada was when the Bank dropped rates to an all-time low at the onset of the pandemic in March 2023.

What Does This Mean for Buyers and Sellers?

For Buyers:

Buyers are poised to benefit from the recent interest rate reduction, which is expected to increase buying power and push more buyers into the market. As a general rule of thumb, a ¼ point decrease in interest rates adds about $10,000 to the average borrower's buying power, though this depends on individual circumstances. However, with more buying power, competition is likely to heat up, especially for entry-level homes. Lower rates can be tempting, but remember that while waiting for further reductions, competition will likely increase. If you buy now, you pay today's prices and can always refinance at a lower rate later. Waiting might get you a lower rate, but you'll likely be paying a higher price.

For Sellers:

Luxury homes have been taking longer to sell in the higher interest rate environment. Hang in there; lower rates may bring more buyers. Expect competition to increase even more on entry-level homes like townhomes and links. These homes are always in demand, and these changes will only spur more competition. With rates finally starting to come down, now is the time to plan your next move. Information is power, and you only benefit by starting the process now.

Conclusion:

In conclusion, May 2024 witnessed a mix of trends in the GTA real estate market, presenting a balanced environment for both buyers and sellers alike. Despite fluctuations in sales compared to last year, there was a notable month-over-month decrease. The surge in new and active listings indicates a healthy influx of properties, while pricing trends remained relatively stable. With inventory levels maintaining a balance, the market is poised for potential changes depending on the upcoming interest rate adjustments. Looking ahead, proactive engagement will be key for both buyers and sellers to capitalize on emerging opportunities. At Jim Stanton & Associates, we're dedicated to providing the guidance and support necessary for navigating this dynamic landscape effectively.

Get the Help You Need:

Regardless of the statistics and the market, you have your own reasons for making a move. A big life event, ambitions, the need to upsize or downsize, or even relocate. The key is to ensure you have someone in your corner representing your best interests. Let us be your guide. Contact Us Today!

Call Ben at 905-995-3372

Greetings, GTA homebuyers and sellers! As we step into June, it's time to reflect on the dynamic real estate landscape that unfolded throughout May 2024. Join us as we uncover the latest insights and trends from the past month, offering a clear perspective on what May's market stats mean for your real estate journey. At Jim Stanton & Associates, our commitment to providing you with valuable information remains steadfast. Let's explore together the opportunities and possibilities that await in the ever-evolving GTA market.

Market Summary: In May 2024, the GTA real estate market showed mixed signals:

• Sales Momentum: Compared to the same period last year, sales decreased by 21.7%. There was a month-over-month decrease of 1.42%.

• Listing Dynamics: New listings were up 21.1% from 2023 and 9.9% month-over-month.

• Active Listings: Active listings saw a significant increase, up 83.3% from 2023 and 20.3% from April 2024.

• Price Trends: The average price for homes was down 2.5% year-over-year but saw a slight increase of 0.8% month-over-month.

• Balanced Market: With 3 months of inventory available, the market was balanced.

• Time to Sell: Days on Market remained stable month-over-month.

Click here to view the TRREB Market Watch Report for May 2024

What's happening locally? Durham & Toronto Market Insights

Every city/town is unique as are the communities within them. Scroll through to find your town.

Interest Rates

On June 5th, the Bank of Canada decreased its policy interest rate by 25 basis points. This is the first move since July 2023 and the first reduction since it began increasing the rate in March 2022 from its record low of 0.25%. The last time interest rates were lowered by the Bank of Canada was when the Bank dropped rates to an all-time low at the onset of the pandemic in March 2023.

What Does This Mean for Buyers and Sellers?

For Buyers:

Buyers are poised to benefit from the recent interest rate reduction, which is expected to increase buying power and push more buyers into the market. As a general rule of thumb, a ¼ point decrease in interest rates adds about $10,000 to the average borrower's buying power, though this depends on individual circumstances. However, with more buying power, competition is likely to heat up, especially for entry-level homes. Lower rates can be tempting, but remember that while waiting for further reductions, competition will likely increase. If you buy now, you pay today's prices and can always refinance at a lower rate later. Waiting might get you a lower rate, but you'll likely be paying a higher price.

For Sellers:

Luxury homes have been taking longer to sell in the higher interest rate environment. Hang in there; lower rates may bring more buyers. Expect competition to increase even more on entry-level homes like townhomes and links. These homes are always in demand, and these changes will only spur more competition. With rates finally starting to come down, now is the time to plan your next move. Information is power, and you only benefit by starting the process now.

Conclusion:

In conclusion, May 2024 witnessed a mix of trends in the GTA real estate market, presenting a balanced environment for both buyers and sellers alike. Despite fluctuations in sales compared to last year, there was a notable month-over-month decrease. The surge in new and active listings indicates a healthy influx of properties, while pricing trends remained relatively stable. With inventory levels maintaining a balance, the market is poised for potential changes depending on the upcoming interest rate adjustments. Looking ahead, proactive engagement will be key for both buyers and sellers to capitalize on emerging opportunities. At Jim Stanton & Associates, we're dedicated to providing the guidance and support necessary for navigating this dynamic landscape effectively.

Get the Help You Need:

Regardless of the statistics and the market, you have your own reasons for making a move. A big life event, ambitions, the need to upsize or downsize, or even relocate. The key is to ensure you have someone in your corner representing your best interests. Let us be your guide. Contact Us Today!

Call Jim at 905-409-9967

MORE MARKET INSIGHTS (Markham/Stouffville & Port Hope/Cobourg)

Greetings, GTA homebuyers and sellers! As we step into May, it's time to reflect on the dynamic real estate landscape that unfolded throughout April 2024. Join us as we uncover the latest insights and trends from the past month, offering a clear perspective on what April's market stats mean for your real estate journey. At Jim Stanton & Associates, our commitment to providing you with valuable information remains steadfast. Let's explore together the opportunities and possibilities that await in the ever-evolving GTA market.

Market Summary

In April 2024, the GTA real estate market stabalized:

• Sales Momentum: Compared to the same period last year, sales came down 5%. There was a month-over-month increase of 8.45%.

• Listing Dynamics: New listings skyrocketed year-over-year increase of 47.2% and a month-over-month increase of 29.12%

• Price Trends: The average price was stable increasiing 0.3% compared to last year and a with an increase of 3.08% from the previous month.

• Slight Seller's Advantage: With 2.54 months of inventory available the market was more balanced. Sellers maintained a slight position of strength.

• Time to Sell: Days on Market remained stable month-over-month and with listings taking a couple days more to sell year-over-year. 

What's happening locally? Durham & Toronto Market Insights

Every city/town is unique as are the communities within them. Scroll through to find your town.

Interest Rates

On April 10th. The Bank of Canada maintained its policy rate. The next scheduled announcement is June 5th. While the Bank has not committed to any specific direction signs are positive that interest rates will be coming down in the future.

What Does This Mean for Buyers and Sellers?

For Buyers:

Buyers benefited from increased in inventory in April and a relatively consistent timeframe to buy although that varies from market to market. The key for buyers will be what happens in June when the Bank of Canada makes it’s next interest rate announcement. The marke is still competitive but it will get even busier if rates come down. Hopefully if that happens more would be sellers will decide to put their home on the market.

• Is May your ideal time to buy?: If rates come down in June more buyers will undoubtedly hit the market and only the presence of a massive increase in sellers will keep pricing down.

• First Time/Renters vs. Movers:  Movers can handle a more competitive market because what they spend in their purchase they can also make up for in their sale. If you are a first time buyer or a renter looking to own you don’t have that advantage. 

For Sellers:

Despite a rise in sales and a surge in new listings, low inventory levels persist, intensifying buyer competition and fostering ample opportunities for sellers. While the spring market may be progressing, don't hesitate to act, even amidst the allure of awaiting more favorable mortgage rates. Consider this:

• Start Now: If you want to make a move before the school bells ring next year now is the time to act. Get your home prepared to sell. Check out our informative Instagram Reel on this very topic HERE.

• Preparation Meets Opportunity: Many sellers are waiting or rates to drop to make a move and that’s understandable. We all know rate relief is on the horizon so start today and be prepared to make your move ahead of the market.

Conclusion:

In conclusion, April 2024 witnessed a stabilization in the GTA real estate market, presenting a balanced environment for both buyers and sellers alike. Despite fluctuations in sales compared to last year, there was notable momentum with an increase from the previous month. The surge in new listings indicates a healthy influx of properties, while pricing trends remained steady. With inventory levels maintaining a modest balance, sellers retained a slight advantage, yet the market remained competitive, particularly in anticipation of potential interest rate adjustments. Looking ahead, proactive engagement will be key for both buyers and sellers to capitalize on emerging opportunities. At Jim Stanton & Associates, we're dedicated to providing the guidance and support necessary for navigating this dynamic landscape effectively.

Get the Help You Need:

Regardless of the statistics and the market you have your own reasons for making a move. A big life event, ambitions, the need to upsize or downsize or even relocate. The key is to ensure you have someone in your corner representing your best interests. Let us be your guide. Contact Us Today!

Call Jim at 905 409 9967

MORE MARKET INSIGHTS (Markham/Stouffville & Port Hope/Cobourg)