As of November 2024, the Toronto and Greater Toronto Area (GTA) real estate markets are experiencing notable shifts influenced by recent economic developments.

Surge in Home Sales

October 2024 saw a significant increase in home sales across the GTA. The Toronto Regional Real Estate Board (TRREB) reported 6,658 homes sold, a 33% month-over-month and 43% year-over-year rise. This surge is mainly due to recent interest rate cuts, which encouraged buyers to re-enter the market. 

Inventory Levels and New Listings

Despite the uptick in sales, the market remains well-supplied. The number of active listings in October was 24,481, a 4.4% decrease from the previous month but a 25% increase from last year. This is the number of active listings for October since 2008, providing buyers with a broader selection of properties. 

Price Trends

The average selling price in the GTA saw a modest increase. The average home price rose by 1.5% in October to approximately $1.13 million. This slight appreciation reflects a balanced market where increased demand is met with ample supply. 

Impact of Interest Rate Adjustments

The Bank of Canada's recent rate cuts, bringing the benchmark rate down to 3.75%, have played a pivotal role in revitalizing the housing market. Lower borrowing costs have made homeownership more accessible, prompting a surge in buyer activity. 

Challenges in Affordability

Despite positive sales figures, affordability remains a concern. High home prices and economic factors continue to challenge many prospective buyers. Economists suggest that the housing market may take several years to become more affordable, even with ongoing rate cuts. 

January 2024 saw a promising surge in home sales compared to last year, marking a notable annual increase. This upward trend coincided with the advantages some homebuyers began to enjoy due to lower borrowing costs associated with fixed-rate mortgage products.

While new listings also saw a year-over-year increase, it was at a slightly lower rate compared to sales. This dynamic has resulted in tighter market conditions compared to a year ago, potentially indicating a resurgence in price growth as we transition into the spring market.

Truly exceptional custom home steps away from Lake Ontario in South Etobicoke! 

This meticulously designed residence offers 3000 sq. ft of living space & perfectly blends modern luxury and functional living space, catering to the most discerning buyers. Discover a spacious, thoughtfully laid-out floor plan featuring high ceilings and premium finishes. The main level welcomes you with a foyer leading to an expansive open-concept living area, encompassing a generous living room, a formal dining area, and a gourmet kitchen equipped with Bosch appliances, custom cabinetry, and a large waterfall island for culinary endeavours. 

Ascend the floating staircase to the upper level, where the luxurious primary bedroom awaits. It features a W/O to glass railing balcony, a heated floor 5 Pc Ensuite, and a spacious walk-through closet. The bright upper level offers four skylights & 3 additional bedrooms, two bathrooms & 2 balconies. 

The fully finished W/O basement with 5th Bedroom, 3 Pc Bath, Rec Room & kitchen/wet bar rough-in provides an excellent rental investment. This property includes a private backyard oasis, perfect for outdoor gatherings and relaxation. 

Whether it's a weekend barbecue with friends or a quiet evening with family, this space is ideal for creating lasting memories. Don’t miss this opportunity to own a genuinely exceptional custom-built home in Toronto, close to the lake, all amenities, major highways, transit, parks, lake and schools. Experience the pinnacle of modern living with unparalleled craftsmanship and attention to detail.  

Mattamy Homes Canada is excited to announce the preconstruction of Phase 2 of Mile and Creek Condos, located at 433 Steeles Avenue East in Milton. These urban mid-rise condominiums offer the perfect balance of connection and calm, where residents can enjoy the best of both worlds - the energy of city living and the tranquillity of nature.

Discover the beauty of Milton's untouched greenery as your backdrop while enjoying the convenience of nearby urban amenities. The Phase 2 condos at Mile and Creek offer spacious 1, 2, and 3-bedroom suites designed to bring life's essentials into one community. With suites starting at the low $ 500s, Mile and Creek Condos are the perfect place to call home.

The modern design of Mile and Creek merges perfectly with the natural surroundings, featuring spacious suite layouts and a host of urban amenities. The Amenity Pavilion, a three-story interactive space, provides a perfect space to connect with neighbours, work out, and unwind. At the same time, the rooftop terrace offers stunning views of the starry night sky.

Milton, a city that values innovation and history, offers an exceptional living experience. Mile and Creek is at the heart of this vibrant city, a community providing everything you need. Nestled in a convenient location with access to all amenities while also providing a respite from the hustle and bustle of urban life.

Natural Beauty: The location of Mile and Creek Condos is surrounded by natural beauty, with protected trails, woodlands, and conservation areas close by. Residents can enjoy a serene environment that offers a perfect escape from the hustle and bustle of the city.

Convenient Commuting: The location of Mile and Creek Condos offers convenient commuting options. With easy access to major highways such as 401 and 407 and proximity to the Milton GO station, commuting to Toronto or other parts of the Greater Toronto Area is hassle-free.

Lifestyle Amenities: Mile and Creek Condos' residents are close to many lifestyle amenities. Downtown Milton offers all the urban necessities, while Main Street is home to local eateries, pubs, independent shops, and venues that make for an eventful day or evening out in the town. The area also boasts prestigious educational institutions, making it an ideal location for families.