GTA Property Pulse© April 2024

In April, the average transaction price of homes in the Greater Toronto Area remained unchanged compared to the previous year, with a month-on-month increase of 3.1%, while the transaction volume decreased by 5% compared to the same period last year.

The average price of detached houses increased by 2% compared to the previous year and by 3.4% month-on-month, while Condo prices increased by 1% compared to the previous year and by 4% month-on-month. Semi-detached houses and townhouses saw a year-on-year price stability and a decrease of 4% respectively, but both experienced a month-on-month increase in prices.

In terms of transaction volume, both detached houses and Condos experienced a 7% year-on-year decrease, while the transaction volume of semi-detached houses and townhouses remained relatively stable compared to the previous year.

In April, there was a significant year-on-year increase in new listings in the Greater Toronto Area, providing buyers with more choices while awaiting interest rate cuts. However, once interest rate cuts begin, market prices are expected to regain momentum, as stated by Jason Mercer, Chief Analyst at the Toronto Region Real Estate Board.

©Daisy Huang, GTA Top 1% Real Estate Agent

GTA Property Pulse© March 2024

In March, the average resale price of second-hand homes in the Greater Toronto Area increased by 1.3% year-on-year, with a monthly increase of 1.2%. However, the transaction volume decreased by 4% compared to the same period last year.

Looking at specific price changes, the average price of detached houses remained unchanged year-on-year, while semi-detached houses increased by 3%, townhouses increased by 1%, and condominium prices decreased by 1%.

“Price growth is expected to accelerate during the spring and even more so in the second half of the year, as sales growth catches up with listings growth and sellers’ market conditions start to emerge in many neighbourhoods. Lower borrowing costs in the months ahead will help fuel increased demand for ownership housing,” said Jason Mercer, Chief Analyst at the Toronto Real Estate Board.

©Daisy Huang, GTA Top 1% Realtor

GTA Property Pulse© January 2024

In January 2024, the resale volume of second-hand homes in the Greater Toronto Area increased by 37% year-on-year, indicating that the market is starting to become more active. New listings also saw a slight increase, up by single-digit 6% year-on-year. This suggests that compared to the same period last year, the market atmosphere is more favorable for sellers, leading to more intense competition among buyers.

Regarding prices, the average price of homes in the GTA decreased by 1% year-on-year in January. Detached houses and townhouses saw a slight increase of 1% each. Semi-detached houses increased by 2%, while the average price of Condos experienced a marginal decrease of 1% year-on-year.

“As the footsteps of interest rate cuts draw nearer, home sales are expected to further increase. Due to supply constraints, home prices may continue to face upward pressure and momentum in the future,” said Jason Mercer, Chief Analyst at the Toronto Region Real Estate Board.

©Daisy Huang, GTA Top 1% Agent

2024 Greater Toronto Area Real Estate New Year’s List©

In 2023, the keyword for the Canadian and Greater Toronto real estate markets was “high interest rates”, leading to a significant decrease in both investment and purchasing power for those in need. The overall GTA housing prices saw an average annual decrease of 5.3%.

Looking at the regions, Markham experienced the smallest decline, with prices dropping by 1.7% year-on-year, followed by Toronto Central and Richmond Hill, which saw decreases of 2.2% and 2.5% respectively.

In 2023, the areas with the highest average prices remained consistent with previous years in the Greater Toronto Area. The top three areas in terms of average prices were King City with an average price of $2.06 million, Oakville with $1.54 million, and Richmond Hill with $1.43 million.

If we analyze the average price and the change in prices within a quadrant graph, we can observe that in an environment where the overall market is declining, the further out from the core of the Greater Toronto Area, the larger the decline in prices. Conversely, the more established and higher-priced towns closer to the GTA experience smaller declines, or maintain their values, suggesting they are more resilient. This phenomenon is also reflected in the earlier heatmaps, where lighter-colored blocks indicate larger declines, while darker-colored blocks indicate smaller declines.

Daisy Huang wants to point out that this is the opposite of what happened during the period of market surge amid the pandemic, where areas with lower average prices experienced larger price increases.

GTA top1% realtor Daisy Huang presents【Fly-over heatmap analysis of overall average property prices in the GTA (Greater Toronto Area) for the year of 2023】
GTA top1% realtor Daisy Huang presents【Price vs YoY change% quadrant analysis for all property types in the Greater Toronto Area】

©Daisy Huang, GTA Top 1% Real Estate Broker

GTA Property Pulse© November 2023

In November, under the pressure of higher interest rates, housing prices in GTA remained relatively stable compared to the same period last year, with a year-on-year decrease in transaction volume by 6%.

Paul Baron, President of the Toronto Region Real Estate Board, stated, “Higher interest rates have undoubtedly worsened the housing affordability, but the good news is that the prospect of interest rate cuts seems to be on the horizon. This will help both homeowners and potential buyers breathe a sigh of relief.”

In November, the number of new listings in the Greater Toronto Area increased by 16% compared to the same period last year. “We can expect that with continued population growth and the anticipated decrease in mortgage rates next year, demand will quickly catch up, eventually driving housing prices upward again,” said Jason Mercer, Chief Analyst of Toronto Region Real Estate Board.

GTA top1% realtor Daisy Huang presents【GTA real estate market update November 2023】

©Daisy Huang, GTA Top 1% Professional Realtor

GTA Property Pulse© October 2023

In October, despite a high-interest-rate, GTA housing prices still achieved a year-on-year increase of 4% and a month-on-month increase of 0.6%. This marks the second consecutive month of month-on-month increases since August. However, in terms of transaction volume, GTA experienced an expected contraction of 6% year-on-year.

The continuous growth of the GTA population and a resilient economy remain the foundation for the real estate market. A significant portion of the demand has shifted to the rental market, anticipating a decrease in mortgage interest rates. “It can be foreseen that once interest rates decrease, housing prices will quickly regain momentum,” said Paul Baron, Chairman of the Toronto Region Real Estate Board.

Looking at different property types, the average prices for detached houses, semi-detached houses, and townhouses increased by 6%, 2%, and 1% respectively on a year-on-year basis. At the same time, the transaction volumes for these three types of houses decreased year-on-year. The average price for condo decreased by 1% year-on-year, with a 2% year-on-year decline in transaction volume.

GTA top1% realtor Daisy Huang presents【GTA real estate market update October 2023】

©Daisy Huang, GTA Top 1% Realtor