➕August 2024➕
➕‘The Numbers’ for August are in! Slower-than-usual market activity, combined with year-over-year increases in new listings, has given buyers a broader selection, contributing to Toronto’s well-supplied housing market. Ample listings will help keep price increases in check, at least in the short term.
With average home prices only slightly down, buyers have the opportunity to purchase homes at relatively stable prices before potential future increases as the market tightens. However, with more listings available, sellers face increased competition, which could lead to lower offers or the need to make homes more appealing to buyers.
As we move into the fall and 2025, recent rate cuts by the Bank of Canada are expected to boost affordability, especially for first-time buyers. As borrowing costs decline, first-time buying activity, particularly in the condo market, is expected to rise in the coming months.
Looking ahead, as demand picks up in 2025 and inventory is absorbed, sellers may see price growth, but it is likely to be moderate in the near term.
In this dynamic landscape, it is vital to have a trustworthy and knowledgeable realtor by your side. Whether you’re considering selling or buying a property, or if you have any real estate inquiries, feel free to reach out. We are here to guide you!
Looking to buy or sell a home in Toronto? Average prices in August were as follows:
➕Detached $1,692,239 [+3% vs. 2023]
➕Semi-detached $1,204,678 [-4% vs. 2023]
➕Townhouse $906,594 [-7% vs. 2023]
➕Condo $681,835 [-6% vs. 2023]
