November 2024– GTA Housing Market News

Here is our quick market update for the Toronto Real Estate Board and Milton area.

Home sales in the Greater Toronto Area (GTA) surged in November 2024, driven by lower borrowing costs and more affordable market conditions. While new listings also increased compared to last year, they did so at a slower pace, tightening market conditions and leading to price growth.

Heading into 2025, housing conditions have improved, with many buyers returning as inflation eases and borrowing costs decline. With prices still below peak levels and mortgage payments lower, the market is poised for recovery.

In November 2024, there were 5,875 home sales, up 40.1% from November 2023, while new listings rose 6.6% year-over-year. On a seasonally adjusted basis, sales also increased from October.

The MLS® Home Price Index Composite benchmark dropped 1.2% year-over-year, a smaller decline than in recent months. The average selling price, however, rose 2.6% to $1,106,050, driven by more detached home sales. On a seasonally adjusted basis, average prices were slightly lower than October.

Market conditions have tightened, especially for detached homes, with price growth outpacing inflation in Toronto. In contrast, condos saw lower prices, offering buyers more negotiating power. As borrowing costs fall, more renters may enter homeownership.

The rental market will remain balanced as renters transition to buying, though demand may increase with ongoing population growth. Improving efficiency at the Landlord and Tenant Board (LTB) could benefit both tenants and landlords and help more people access affordable homes.

If you are curious about your home or area specifically, please reach out we’re here to help.

Milton Real Estate Market

The average price in Milton $1,119,939

Burlington Real Estate Market

The average price in Burlington $1,128,513

Oakville Real Estate Market

The average price in Oakville $1,558,529

Have questions about the market? Contact us today to learn more!

Previous Reports on GTA Housing Market News

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There’s no denying that Canadian real estate is valued, on many different levels. Owning is a way to plant roots, create security and build wealth. In fact, investing in the housing market how many of the world’s richest people have earned their fortunes, and it’s how many Canadians finance their retirement or build generational wealth.

Ultimately, the decision to buy a home is a very personal one that depends on a number of factors, such as your financial fitness, your lifestyle and your future plans. The good news is, professional real estate agents, mortgage brokers and real estate lawyers are there to advise you as you dive in. Here are some important things to consider, to help get you thinking about whether buying a home in the current Canadian real estate market is right for you.

5 Questions to Ask Before Buying Canadian Real Estate

Can I afford to buy Canadian real estate?

Buying real estate involves up-front costs, which can include things like your deposit, down payment, home inspection and appraisal fees, property insurance, land transfer tax, title insurance, legal fees and moving expenses. Click here to explore the cost of home ownership.

Then, there are ongoing costs that include property tax, regular maintenance, condo fees if you choose this type of property, and utilities. If you’re saving some money up-front by buying a fixer-upper, you’ll also need to also factor in renovation costs at some point.

Here are some strategies to spend less, and save more.

Do I have too much debt?

When buying real estate, most people will take on a mortgage. Lenders evaluate your costs versus income to determine your qualification. Your Gross Debt Service ratio is your housing costs (mortgage principal and interest + property taxes + heat + 50% of your condo fees, if applicable) divided by your pre-tax income. According to Canada Mortgage and Housing Corp., your GDS ratio should be 39% or less.

Then, lenders look at your Total Debt Service ratio: all debt (GDS + car payments + alimony + other loans + the remaining 50% of your condo fees) divided by your pre-tax income. CMHC says your TDS ratio should be less than 44%.

Click HERE for to calculate your GDS and TDS.

Am I secure in my job?

Think about this honestly. Is business bustling? Is the industry in a growth period or is it on the decline? Are you comfortable with the hefty and lengthy financial commitment of home ownership?

Speak to your supervisor to get some additional insight. Mortgage lenders like to see stable employment, and you’ll need to provide proof of income in the form of an employment letter or current pay stub, your position and length of employment, and if you’re self-employed, Notices of Assessment from the Canada Revenue Agency for the past two years.

Click HERE to find out what else mortgage lenders look for.

Am I sticking around?

Buying real estate has historically proven to be a good long-term investment. Ask your parents how much they paid for their home 30 years ago, and compare that to current market value. Changed are, their investment has grown. On the other hand, a quick sale can mean financial losses if the home’s appreciation doesn’t surpass closing costs, which are estimated at 1.5% to 5% of a home’s value.

Typically, the magic number to stay in the home before putting it back on the market is five years – hence the five-year plan.

Do I even want to own a home?

People invest in the Canadian real estate market for a slew of different reasons. For homeowners, this is a method of forced savings for retirement and future generations, while also fulfilling the basic need of providing shelter. It’s also a great source of pride for many. Picture yourself in five years. Do you plan to relocate at some point? Where will you work? What’s your family structure? Then, consider how home ownership fits into the bigger picture.

Thinking about making a move? We can help you determine what the best strategy is for you and your family. Reach out to us today.

Source: Re/Max Canada

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October 2024– GTA Housing Market News

Here is our quick market update for the Toronto Real Estate Board and Milton area.

Home sales in the Greater Toronto Area (GTA) saw a notable year-over-year increase in October 2024, with a sharp rise in activity compared to the same month in 2023. While new listings also rose during this period, the increase was less pronounced, leading to tighter market conditions than the previous year. The average selling price saw a modest annual increase.

Although we are still in the early stages of the Bank of Canada’s rate-cutting cycle, it’s clear that more buyers returned to the market in October.

The improvement in affordability, driven by lower borrowing costs and relatively stable home prices, contributed to a rebound in market activity.

In total, GTA REALTORS® reported 6,658 home sales through TRREB’s MLS® System in October 2024—an increase of 44.4% compared to the 4,611 sales recorded in October 2023. New listings reached 15,328, up by 4.3% year-over-year. On a seasonally adjusted basis, October sales rose compared to September.

The MLS® Home Price Index Composite benchmark was down 3.3% year-over-year, while the average selling price increased by 1.1% to $1,135,215 compared to October 2023. Seasonally adjusted, the average price also edged higher compared to September.

Despite tighter market conditions in October, there remains a significant inventory of homes, giving buyers plenty of options. This ample choice is expected to keep price growth moderate in the near term. However, as inventory continues to be absorbed and home construction struggles to keep pace with population growth, we anticipate stronger price increases, likely starting in the spring of 2025.

To further improve affordability, policymakers could consider reducing taxes for homebuyers. TRREB supports the Conservative Party of Canada’s proposal to eliminate the GST on new homes priced under $1 million, which would provide much-needed relief for first-time buyers. Expanding this rebate would not only make homes more affordable but could also encourage increased construction.

Given that the average price of a home in high-cost markets like the GTA and Vancouver exceeds $1 million, a more flexible approach, such as gradually phasing out the rebate between $1 million and $1.5 million, would better address the needs of these markets. It is encouraged that Provincial governments should also consider adopting similar measures.

If you are curious about your home or area specifically, please reach out we’re here to help.

Milton Real Estate Market

The average price in Milton $1,040,242

Burlington Real Estate Market

The average price in Burlington $1,088,016

Oakville Real Estate Market

The average price in Oakville $1,495,46

Have questions about the market? Contact us today to learn more!

Previous Reports on GTA Housing Market News

September August July

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Canadians put in significant effort to afford a home, but high mortgage payments pose a challenge, particularly for Millennials and Gen Z. To assist younger generations in purchasing their first homes, new mortgage regulations took effect on August 1, 2024. These rules allow for 30-year insured mortgage amortizations specifically for first-time buyers of new constructions.

Chrystia Freeland, Deputy Prime Minister and Minister of Finance unveiled a range of reforms aimed at making mortgages more affordable and promoting homeownership among Canadians:

Increasing the Insured Mortgage Cap: The cap for insured mortgages will rise from $1 million to $1.5 million, effective December 15, 2024. This adjustment reflects current market conditions and aims to help more Canadians qualify for a mortgage with a down payment below 20 percent. The cap has remained unchanged since 2012.
Expanding Eligibility for 30-Year Amortizations: Starting December 15, 2024, all first-time homebuyers and buyers of new builds will be eligible for 30-year mortgage amortizations. This will lower monthly mortgage payments and encourage the purchase of new constructions, including condos. This initiative builds on the commitment from Budget 2024, which also introduced 30-year amortizations for first-time buyers of new builds.

These initiatives are part of the enhanced Canadian Mortgage Charter, introduced in Budget 2024, which allows insured mortgage holders to switch lenders at renewal without undergoing another stress test. This change promotes competition among lenders and allows more Canadians with insured mortgages to secure better deals.

These reforms represent the most significant changes to mortgage regulations in decades and align with the federal government’s ambitious plan to create nearly 4 million new homes—Canada’s most extensive housing initiative ever—to support homeownership.

In tandem with efforts to improve mortgage affordability, the government is also taking strong measures to safeguard the rights of homebuyers and renters. As part of Budget 2024, the government has presented plans for a Renters’ Bill of Rights and a Home Buyers’ Bill of Rights. These proposals aim to protect renters from unfair practices, simplify lease agreements, enhance price transparency, and make the home-buying process more equitable. The government is collaborating with provinces and territories to implement these plans, utilizing $5 billion from the new Canada Housing Infrastructure Fund. This initiative includes calls for measures to prevent renovictions, ban blind bidding, standardize lease agreements, and ensure sales price history is accessible through title searches, all aimed at creating a fairer housing market across Canada.

Thinking about making a move? We can help you determine what the best strategy is for you and your family. Reach out to us today.

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September 2024– GTA Housing Market News

Here is our quick market update for the Toronto Real Estate Board and Milton area.

September stats showed that home sales were up in sales activity yet slightly down in price year over year. Across the GTA we saw 4,996 sales, which is an increase of 8.5% from this time last year. The average sale price was $1,107,000, which is a very slight decrease from last year, at 1%. We did see new listings increase by 10.5% with over 18,000 new listings coming on the market and bringing the active listings in the GTA to over 25,600, which is roughly 5.1 months of inventory indicating that the GTA is in a balanced market. Homes are selling on average for 99% of asking and in 43 days

In Milton specifically, we saw 127 sales and have 3.8 months of inventory, with 486 active listings, Homes in the area are selling for 99% of asking and 47 days on the market.

What does all this mean? With the increase in home sales in September matched by the increase in new listings over the same period, we saw a better-supplied market and increased negotiating power for buyers. They had the ability to negotiate on price which led to a slight decrease in year-over-year prices especially in the more affordable segments such as condos and townhomes.

Additionally, the government announced last month positive changes to mortgage lending guidelines. Firstly, the ability for existing mortgage holders to shop around for the best rate without facing the stress test will help with affordable mortgage renewals. Secondly, insured mortgages will have the option of longer amortization periods. Lastly, the ability to insure mortgages for purchases under $1.5 million (currently under $1 million) will allow buyers with less than 20% down to purchase homes between $1 million and $1.5 million. These changes will give buyers more flexibility when purchasing homes.

If you are curious about your home or area specifically, please reach out we’re here to help.

Milton Real Estate Market

The average price in Milton $1,021,471

Burlington Real Estate Market

The average price in Burlington $1,159,810

Oakville Real Estate Market

The average price in Oakville $1,585,452

Have questions about the market? Contact us today to learn more!

Previous Reports on GTA Housing Market News

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August 2024– GTA Housing Market News

Here is our quick market update for the Toronto Real Estate Board and Milton area.

August stats showed that home sales were down year over year in both numbers and price. Across the GTA we saw 4975 sales, which is a decrease of over 5% from this time last year. The average sale price was $1,074,000, which is a very slight decrease from last year, under 1%. We did see new listings increase 1.5% with over 12,500 new listings coming on the market and bringing the active listings in the GTA to over 22,600, which is roughly 4.5 months of inventory. Homes are selling on average for 99% of asking and in 28 days

In Milton specifically, we saw 131 sales and have just over 3 months of inventory, with 443 active listings, Homes in the area are selling for 99% of asking and 26 days on market

What does all this mean? We have fewer sales in the GTA again this year when we compare to year-to-date numbers from last year. With the small incremental adjustments to the interest rate by the Bank of Canada, there has not been a significant translation to the market and with day-to-day affordability at the top of mind for many as well as the lack of first-time buyers, we have not seen any upwards pressure on pricing and experts suggest it will be a slower recovery in the market over the next 1.5-2 years

All markets are not the same, so while detached saw a 1% decrease in the number of sales, the condo market in Toronto is sitting at just under 15% fewer sales so if you are curious about your home or area specifically, please reach out were here to help.

Milton Real Estate Market

The average price in Milton $1,064,460

Burlington Real Estate Market

The average price in Burlington $1,178,429

Oakville Real Estate Market

The average price in Oakville $1,430,334

Have questions about the market? Contact us today to learn more!

Previous Reports on GTA Housing Market News

May April March February January December

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July 2024– GTA Housing Market News

Here is our quick market update for the Toronto Real Estate Board and Milton area.

The Bank of Canada cut their interest rates with 2 small adjustments this year, which has increased buyer activity slightly in the GTA.

Most significantly, buyers have a lot of choice, with an increase of 55% of active listings in the GTA over the same time last year. This means that the market has about 4 months of inventory right now Keep in mind, this market is very specific to different segments of the market.

In the GTA there were 5,391 sales, which is a slight increase of 3% over last year, while prices remained relatively level with an average sale price of $1.1M.

In Milton, we saw 129 sales last month and an average sale price of just under $1.1M. With 483 active listings in Milton, we have roughly 3.7 months of inventory in the area. Homes last month had an average of 34 DOM and sold for roughly 98% of asking.

What does all this mean? While sales numbers are down, prices have not been trending down and are staying about level with previous months.

Milton Real Estate Market

The average price in Milton $1323,960

Burlington Real Estate Market

The average price in Burlington $1,506,433

Oakville Real Estate Market

The average price in Oakville $2,012,349

Have questions about the market? Contact us today to learn more!

Previous Reports on GTA Housing Market News

May April March February January December

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June 2024– GTA Housing Market News

Here is our quick market update for the Toronto Real Estate Board and Milton area.

June 2024 home sales in the Greater Toronto Area (GTA) were lower compared to the same month last year, according to the Toronto Regional Real Estate Board (TRREB). Despite the Bank of Canada rate cut at the beginning of last month, many buyers kept their home purchase decisions on hold. The market remained well-supplied, resulting in a slight dip in the average selling price compared to June 2023.

“The Bank of Canada’s rate cut last month provided some initial relief for homeowners and home buyers. However, the June sales result suggests that most home buyers will require multiple rate cuts before they move off the sidelines. This follows Ipsos polling for TRREB, which suggested that cumulative rate cuts of 100 basis points or more are required to boost home sales by any significant amount,” said TRREB President Jennifer Pearce.

GTA REALTORS® reported 6,213 home sales through TRREB’s MLS® System in June 2024 – a 16.4 per cent decline compared to 7,429 sales reported in June 2023. New listings entered into the MLS® System amounted to 17,964 – up by 12.3 per cent year-over-year.

The MLS® Home Price Index Composite benchmark was down by 4.6 per cent on a year-over-year basis in June 2024. The average selling price of $1,162,167 was down by 1.6 per cent over the June 2023 result of $1,181,002. On a seasonally adjusted monthly basis, both the MLS® HPI Composite and the average selling price were up compared to May 2024.

“The GTA housing market is currently well-supplied. Recent home buyers have benefitted from substantial choice and therefore negotiating power on price. Moving forward, as sales pick up alongside lower borrowing costs, elevated inventory levels will help mitigate against a quick run-up in selling prices,” said TRREB Chief Market Analyst Jason Mercer.

Reach out if you have any questions.

Source: TRREB

Milton Real Estate Market

The average price in Milton $1,095,665

Burlington Real Estate Market

The average price in Burlington $1,164,925

Oakville Real Estate Market

The average price in Oakville $1,482,150

Have questions about the market? Contact us today to learn more!

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This salmon recipe is not only a simple, quick dinner (ready in 20 minutes!), but it’s a texture lover’s paradise. The salmon is roasted at a slightly lower temperature, resulting in tender, buttery fish. Quinoa is the base for our bowl, setting the stage for fresh arugula, thin slices of cucumber, and a homemade creamy dill and yogurt dressing. While a homemade dressing may seem like extra effort, trust us—it couldn’t be easier. It’s made in literal seconds in a food processor (if you have a mini food processor, even better!).

As long as you’re cooking some quinoa for this recipe, make a double (or triple!) batch, and you’ll find it’s super-handy to have on hand for easy, healthy lunches throughout the week. Tip: Our watermelon quinoa salad is unbeatable.

Ingredients

4 (6- to 8-oz.) salmon fillets
Kosher salt
Freshly ground black pepper
1/2 avocado
1/2 cup fresh dill, plus more for serving
1/4 cup plain full-fat Greek yogurt
Zest and juice of 1 lemon
2 Tbsp. extra-virgin olive oil, plus more for drizzling
2 oz. baby arugula
2 cups cooked tricolor quinoa
2 Persian or 1 English cucumbers, halved lengthwise, thinly sliced
Flaky sea salt
Lemon wedges, for serving

Directions

Step 1

Preheat oven to 325º. Season salmon all over with kosher salt and pepper and arrange on a parchment-lined baking sheet. Bake salmon until opaque and flaky, 18 to 20 minutes.

Step 2

Meanwhile, in a food processor, combine avocado, dill, yogurt, lemon zest and juice, 2 tablespoons oil, and 2 tablespoons water; season with kosher salt and pepper. Pulse, adding more water if consistency is too thick, until dressing is smooth. Transfer to a small bowl.

Step 3

In a medium bowl, season arugula with a pinch of kosher salt and pepper. Drizzle with oil and toss to combine.

Step 4

Divide arugula among bowls. Top with quinoa, salmon, and cucumbers. Drizzle with dill yogurt dressing, then sprinkle with more dill and sea salt. Serve with lemon wedges alongside.

Source : Delish

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May 2024– GTA Housing Market News

Here is our quick market update for the Toronto Real Estate Board and Milton area.

Following inflation dropping to 2.7% in April the Bank of Canada dropped interest rates 0.25 basis points last week, bringing the rate down to 4.75% from 5%. This is the first rate cut in over four years, since the pandemic, and signals a shift and a step in the right direction.

Homeowners with variable mortgages will experience more going towards their principal and homeowners with home lines of credit will have an immediate reduction in their interest rate. Additionally, bond yields have been trending downward resulting in lower fixed rates. This is all great news for Canadian homeowners. May home sales continued at low levels, especially in comparison to last spring’s short lived spring market. The beginning of the year we saw a pickup in the market as interest rates remained flat but as we approached the spring we didn’t experience a typical spring market.

Number of transactions in May was down 21% compared to last year yet interestingly enough new listings were up 21% when compared to last year. Prices are slightly up on an adjusted monthly basis. As affordability is expected to continue to improve as borrowing costs trend lower, demand is expected to increase as more buyers are expected to enter the market including many first-time home buyers.

The next year will be very interesting, reach out if you have any questions.

By: Maggie Barnett

Milton Real Estate Market

The average price in Milton $1,046,179

Burlington Real Estate Market

The average price in Burlington $1,158,109

Oakville Real Estate Market

The average price in Oakville $1,591,978

Have questions about the market? Contact us today to learn more!

Previous Reports on GTA Housing Market News

April March February January December

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November 2024– GTA Housing Market News

Milton Real Estate Market

Burlington Real Estate Market

Oakville Real Estate Market

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Ingredients

Directions

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