BOC Canada goes for another cut, we are now at 3 straight cuts after 10 increases. Do you think this will swing the market? Let us first take a long at some numbers before we look at what to look forward to in the coming months.
The current real estate market in the Greater Toronto Area (GTA) is experiencing a period of relative stability, with notable trends indicating a buyer's market. As of August 2024, the average selling price in the GTA was $1,097,300, reflecting a 5% decrease year-over-year. The market remains well-supplied, with new listings up by 18.5% compared to the same period last year, while sales have increased by 3.3% year-over-year. This increase in inventory has given buyers more choices and negotiating power, contributing to the overall decline in prices.
In the City of Toronto, the average home price was $1,087,436, which is up 2% year-over-year but down 7.4% compared to the previous month. This contrast highlights the variability within different parts of the GTA. For example, areas like Brampton and Mississauga have seen declines in average prices by 4% and 1.4% year-over-year, respectively. The condo market, in particular, continues to face challenges with a glut of inventory leading to price drops and slower sales.
Important Information for anyone looking to Buy or Sell:
Market conditions are expected to tighten later in 2024 as interest rates potentially decrease further, encouraging more buyers to enter the market. However, for now, the market offers considerable opportunities for buyers, particularly those looking to purchase at slightly lower price points due to the current oversupply.
Overall, while the GTA housing market remains sluggish, the anticipated reduction in borrowing costs could catalyze a more active market, potentially leading to modest price growth later in the year (WOWA, Zolo, TRREB ,nesto.ca).
RAV SARAI
(647) 637 0506
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