📢 SPRING 2025 GTA MARKET UPDATE 📢
The Toronto Regional Real Estate Board (TRREB) released the latest real estate stats for the GTA! Here’s what’s happening in the market:
📊 Overall inventory has skyrocketed, with active listings up +88.8% year-over-year—providing buyers with more choices and negotiating power than ever
🏘️ More homes continue to hit the market, as new listings increase by a significant +28.6%.
🏡 Home prices continue to dip slightly, with the average home price down -2.5% year-over-year
📉 Home sales continue to decline, down -23.1% compared to last year March 2024, reflecting a slower market as buyers take time to make decisions
📆 Homes are taking longer to sell, with the average time on the market increasing by +20.0% year-over-year
🏠 Property Breakdown:
Overall, average home prices have declined across the GTA, with suburban properties experiencing steeper drops than those in Toronto
🔹 Detached home prices have dipped by -1.8% overall, with suburban detached homes seeing a more significant -4.3% drop year-over-year
🔹 Semi-detached home prices edged down -0.9% overall, with suburban semi-detached homes seeing a steeper -6.6% decline compared to Toronto semis
🔹 Townhouses experienced the largest price decline, dropping -3.5% year-over-year
🔹 Condos saw a -2.6% price decrease year-over-year
🏦 What is Driving the Market?
📌 Interest Rate Cuts vs. Buyer Caution: Despite six consecutive rate cuts from the Bank of Canada, buyers remain cautious, as many wait for clearer economic signals
📌 More Listings, Fewer Sales: Active listings have surged +88.8% year-over-year, reflecting growing seller motivation. A key factor? Many buyers who purchased in 2020-2021 at lower interest rates are now struggling with higher carrying costs as 3-year and 5-year mortgage renewals hit. With demand lagging, this surge in supply is putting downward pressure on prices
📌 Economic Uncertainty Weighs on Buyers: Many buyers appear to adopt a cautious approach due to employment concerns, shifting U.S. trade policies, slowing immigration, and the upcoming federal election, leading to lower sales volumes
💡 What This Means for You:
📌 Buyers: With more inventory, lower prices, and longer selling times, now is a great time to negotiate a deal! 🏡💰 Mortgage lending rules may tighten as inflation rises, which could make it harder for first-time buyers to qualify—especially at entry-level prices. Buying now could mean more choice and better deals before stricter lending policies this summer force buyers to compromise more on their wish list or even be priced out of the market.
📌 Sellers: In today’s slower market, strategic pricing and effective marketing are key to attracting buyers. With more listings and fewer sales, the right positioning and presentation can make all the difference in standing out and securing the best offer! 🎯🏡
Ready to make a move? Whether you're buying or selling, Karen’s Team is here to help you achieve your real estate goals. Call for a confidential chat today! 📞 647-836-2895
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