What’s Happening in Toronto’s Real Estate Market?
October was a clear sign that buyers felt more confident after the BoC and Federal Government offered solutions to the real estate market. See the previous market update here. Subsequent to this post the BoC dropped the overnight lending rate by 50 basis points. There is speculation that we see them do this again in December. Needless to say this will give a real jolt to the buyer pool and particularly the sub $1.5m range. This jolt will also begin to move through the price brackets in the months and years to come, likely making real estate in Toronto less affordable.
On the hunt for more Toronto real estate insights? Explore these recent posts from our blog.
- Is it a Bad Idea to Sell My Toronto Home in Today’s Market?
- This Market Is Unlikely What You Think It Is
- Welcome To The Stuck Market
We saw the 416 area see a 3.5% bump in values last month and an increase of nearly 40% in sales year over year. This further gives confidence that the buyer pool is returning. What we will see in November is the seasonal slowdown, as well as some buyers using pause as they await the next rate cut and new rule implementations. Expect 2025 to be very strong, with great competition for freehold housing and a slow recovery in condos.
Have questions about buying or selling in today’s market? I have answers! Reach me by email at ryan@ryanroberts.ca or call 416-925-9191.
