Toronto’s 2024 Fall Market Outlook: Trends, Predictions, and Opportunities
The GTA real estate market faced mixed conditions in August 2024. While home sales were down compared to the same time last year, there was a slight increase in new listings. The average home prices also dropped a bit, with affordability remaining a concern for buyers. This shift was driven by economic factors such as interest rate changes, market supply, and varying demand across property types.
Sales and Price Trends
In August 2024, according to the Toronto Regional Real Estate Board (TRREB), GTA REALTORS® reported 4,975 home sales, which is 5.3% less than the 5,251 sales in August 2023. New listings increased by 1.5%, with 12,547 added to the MLS® System. TRREB President Jennifer Pearce noted that the recent rate cut by the Bank of Canada will improve affordability, particularly for buyers with variable-rate mortgages. She mentioned, “First-time buyers are especially sensitive to changes in borrowing costs. As mortgage rates continue to trend lower this year and next, we should experience an uptick in first-time buying activity, including in the condo market.”
The average home price in the GTA dropped by 0.8% from last year, and is now at $1,074,425. This small decrease shows that the region has plenty of housing available. However, the larger 4.6% drop in the MLS® Home Price Index is because more detached homes were sold, which affects the average differently.
Image: TRREB
Jason Mercer, TRREB Chief Market Analyst, provided more context: “As borrowing costs trend lower over the next year-and-a-half, home buyers will initially benefit from both lower monthly mortgage payments and lower home prices. Even as demand picks up, especially in 2025, it will take time for the inventory of listings to be absorbed.”
Affordability Challenges and the Impact of Interest Rates
While interest rate cuts are helping, affordability is still a challenge in Toronto. The Bank of Canada’s rate cut on September 4, 2024, was good news for homebuyers, but experts say more cuts will be needed to really improve affordability. Luckily, markets expect another rate cut in October and one more in December, which could lower interest rates to 3.75% by the end of the year, making financing even easier for buyers.
REMAX reported that from January to July 2024, the average sale price for all property types in Toronto went up by 0.5%, but sales dropped by 5.4%. Even with more homes listed, first-time buyers still struggle with affordability. REMAX noted in a market report: “Interest rates will have to fall further to create the affordability necessary for many buyers, particularly first-timers.”
This sentiment is echoed by RBC, that even though interest rates are dropping, many Canadian homebuyers are still reluctant to enter the market. Slow economic growth and higher unemployment have lowered consumer confidence. With inventories now covering 4.1 months of sales nationwide, buyers have more room to negotiate, which is helping to stabilize prices.
Fall Market Outlook
Looking ahead to fall, there’s hope for more buyer activity. Zoocasa’s Fall 2024 Housing Market Predictions suggest that increased inventory and lower interest rates could lead to a busy market. However, Zoocasa warns that while prices might seem lower, competition for popular homes, especially in top school districts, will still be tough.
“We’re seeing condo inventory reach unprecedented levels, driven by a surge in newly registered buildings, many of which are investor-owned,” said Zoocasa’s Lauren Haw. The larger supply of condos, especially in Toronto, could cause prices to drop further, giving buyers more options and better negotiating power.
Image: Zoocasa
In August 2024, the Toronto housing market showed mixed trends – sales were down, listings were up, and home prices were fluctuating. However, expected interest rate cuts could boost buyer activity, bringing some hope. While affordability remains a challenge, especially for first-time buyers, the outlook for 2025 looks positive with lower borrowing costs and better inventory levels. As fall approaches, buyers can anticipate new opportunities as the market stabilizes, creating a more balanced environment for those ready to buy.
What are your predictions for Toronto’s fall real estate market? Connect with BAZIS on social media (Facebook, X, or Instagram) and let us know!
Embracing Opportunity: Why Now Is the Perfect Time to Invest in Toronto’s Pre-Construction Condo Market
Toronto’s real estate market is buzzing with excitement, and it’s a great time for those looking to buy pre-construction condos. Despite some recent challenges, things are looking up, offering investors new opportunities for growth and success.
Let’s take a closer look at the future of the pre-construction condo market in Toronto, where positive momentum is building. A combination of factors is coming together to enhance the buyer experience, making it an exciting time to get into the pre-construction condo market. Check out our guide to buying pre-construction condos in Toronto before you dive into the condo market.
A Positive Outlook
Despite the ups and downs of the condo market, there’s a glimmer of hope on the horizon. Condo sales saw a brief dip last year, but 2024 and especially this springtime has brought an increase in new listings, revitalizing the market. This increase not only balanced supply and demand but also led to lower prices, creating a favourable environment for homebuyers.
Looking ahead, there’s a lot of anticipation about what the Bank of Canada might do next. Interest rates are predicted to be cut in June, which could really shake up the housing market. Lower interest rates mean more affordable mortgages, which could increase demand in pre-construction condos and create new opportunities for investors. Lower interest rates can also mean that home prices increase, however – so it’s not necessarily a good choice to wait until interest rates drop to much lower rates.
Why Invest Now?
With the market constantly changing, now is an excellent time to invest in Toronto’s pre-construction condo market. With reduced competition and steady inventory, buyers share a unique opportunity to secure a great deal in the Toronto real estate market. Unlike previous years where the typical year-over-year price of pre-construction condos increased, prices have remained stable, and developers are sweetening the pot with incentives like extended deposit structures and state-of-the-art amenities.
If you’re looking to take advantage of the current market conditions, you’ll want to do so quickly. With interest rate changes on the horizon, there is uncertainty regarding how it’ll affect the market, so it’s a great time to lock in a good price on a new pre-construction condo. If interest rates are cut and make things more affordable, demand is expected to increase, and eventually, prices too. By waiting for construction to finish, you can skip the resale market and set yourself up for long-term value.
More Incentives for Buyers
To make things even more appealing for buyers, Toronto developers are offering some amazing incentives. Extended deposit structures mean you can get into a pre-construction condo with less money upfront, making it easier to enter the market. Additionally, incentives like free or discounted parking, the right to lease during the occupancy phase, and credits to cover closing costs add even more value.
Trends in Condo Design
Beyond market dynamics, a wave of innovation is sweeping through condo design, shaping the future of urban living. Sustainability is now a key focus, with developers incorporating eco-friendly practices and amenities like green roofs and energy-efficient appliances.
Smaller units are on the rise, reflecting a fast-growing city and a shift toward more efficient and sustainable living. These compact but thoughtfully-designed spaces maximize functionality without compromising comfort.
Additionally, amenities are redefining the condo living experience, with state-of-the-art facilities creating a sense of community and luxury, right at home. From fitness centres to rooftop terraces and co-working spaces, these amenities elevate the quality of life for residents.
Smart technology is transforming condo living, making it more convenient, comfortable, and connected. Features like smart locks and thermostats, app-controlled entry systems, and parcel lockers are now common in new pre-construction condos.
Embrace Opportunity
It’s a great time for investors to take advantage of Toronto’s pre-construction condo market. With a positive market outlook, strategic timing, incredible incentives, and innovative design features, buyers can feel confident buying a pre-construction condo in Toronto.
Do you have any questions about the future of the pre-construction condo market in Toronto? Connect with BAZIS on social media (Facebook, X, or Instagram) and let us know!
Everything You Need to Know About Toronto’s 2024 Real Estate Market Forecast
As we head into 2024, things are looking bright for potential new home and condo purchasers in Toronto. While the Toronto real estate market has been facing some challenges, there is hope for a rebound in 2024.
According to reports from RE/MAX, there was a decrease in average sale prices and the number of sales in the Greater Toronto Area (GTA) between 2022 and 2023. The average sale price decreased by 5.9%, from $1,203,916 in 2022 to $1,132,681 in 2023, and the number of sales decreased by 13.5%, from 67,452 in 2022 to 58,367 in 2023.
In the GTA in 2023, the market was considered a seller’s market. However, there could be a shift toward a balanced or buyer’s market by the end 2024, depending on the neighbourhood in question. Average residential sale prices are predicted to drop by 3%, whereas the number of sales is expected to grow by 10.4%.
The top three areas to keep an eye on in the GTA are the Durham Region, Markham/Richmond Hill, and downtown Toronto. Durham Region is particularly attractive due to its affordability and value. Markham/Richmond Hill is gaining popularity due to improved affordability, and downtown Toronto remains desirable for its access to public transit and walkability, as well as its proximity to endless amenities and cultural attractions.
In terms of new construction trends, there is a focus on smaller condo units that offer desirable amenities like terraces, swimming pools, and fitness facilities.
According to the Toronto Regional Real Estate Board (TRREB), the condo market has become more balanced, with sales increasing but listings growing at a faster rate. This has led to a slight decrease in the average price, providing some relief amidst higher borrowing costs. The market conditions have provided more choice and negotiation power for first-time buyers, resulting in lower selling prices on average. While the market is expected to tighten in the second half of 2024, relief in borrowing costs (including interest rates) is anticipated in 2024 and 2025 due to population growth and market trends. This, coupled with a relatively resilient economy, should make home ownership affordable for more households this year and moving forward.
According to the Royal LePage Market Survey Forecast, the aggregate price of a home in Canada is projected to reach $843,684 in Q4 2024, with a 5.5% annual increase, while the median price of a condo will jump 5% to $616,140. The majority of price appreciation is expected in the second half of 2024, with modest quarterly increases in Q3 and Q4. The prediction is based on the assumption that the Bank of Canada has finished raising interest rates and will hold the key lending rate at its current 5% through the first half of the year. Modest interest rate cuts are expected to begin in the late summer or fall, potentially pushing home prices up.
Overall, this is good news for the Toronto real estate market. A rebound in home sales is anticipated, driven by lower borrowing costs and increased affordability. According to Phil Soper, the President and CEO of Royal LePage, with the right conditions, the market could return to mid-single-digit home price appreciation, which is a healthy long-term affordability level.
Despite the challenges posed by the current market conditions, according to a Leger survey commissioned by Re/Max, 73% of Canadians consider real estate a sound long-term investment. What do you think? Learn more about new condos and townhomes for sale in downtown Toronto by checking out BAZIS’ new communities.
Do you have questions about the Toronto real estate market? Connect with BAZIS on social media (Facebook, Twitter or Instagram) and let us know!
Taking a Look at Toronto’s Fall 2021 Real Estate Market Positive Outlook
The pandemic has been a turbulent time for real estate in the Greater Toronto Area (GTA) and Canada at large. Whether you’re contemplating purchasing your first new home or condo, moving to a larger home, downsizing, or investing in real estate, you’re likely interested in the market and in being kept apprised of the latest trends and developments.
According to the Toronto Regional Real Estate Board (TREB), total residential real estate transactions were down 18% last month compared to the year before (9,046 transactions in September of 2021, compared to 11,033 transactions in September of 2020), and total new listings were down 34% compared to last year (just 13,483 listings in September of 2021, compared to 20,441 listings in September of 2020). The sharp decline in listings and smaller decline in transactions shows that there is a lack of supply in the GTA real estate market, so it’s not surprising to see that the average selling price increased 18.3% year over year (for an average of $1,136,280 in September of 2021, compared to $960,613 in September of 2020). Listing days on the market have also decreased (14 days in September of 2021, compared to 16 days in September of 2020).
With new home and condominium prices on a steady upward swing – with no sign of stopping – the best time to buy real estate in the GTA is, as always, as soon as possible.
RBC’s latest Housing Trends and Affordability Report, which measures affordability based on ownership costs as a percentage of household income, rose to a 30-year high in the second quarter of 2021. In Toronto, the report shows that the share of income a household would need to cover ownership costs is, on average, 59.1%.
The share of income necessary to cover the costs of owning a single-family detached home in the GTA is rising rapidly, making this dream more and more difficult for families to achieve. Soaring demand for detached homes during the pandemic made these homes’ prices increase even more. Fortunately, owning a condo apartment continues to be a more affordable option for many families, young professionals, and empty nesters and downsizers. Semi-detached homes and townhomes are also great options that offer much more value than fully-detached single family homes.
The strong real estate market can make getting into the market a challenge, but is good news for home owners and investors. For those considering purchasing a home or condo, the time is now. Toronto’s real estate market is strong and will have many opportunities for sellers, buyers, and investors alike.
Do you have questions about the Toronto real estate market? Connect with BAZIS on social media (Facebook, Twitter or Instagram) and let us know!
Bartley Towns: Why It’s a Great Investment and Everything You Need to Know About the Grand Opening
This weekend, the Grand Opening of Bartley Towns, BAZIS’ newest Toronto townhome community, is officially here. Bartley Towns is ideally situated at Eglinton and Victoria Park within an established residential neighbourhood and near an area that’s in the midst of a commercial and residential revitalization. It’s a great community and neighbourhood to invest in, and it’s now open for sale.
Everyone knows the number one rule and mantra of buying real estate: location, location, location. BAZIS prides itself on building in prime neighbourhoods throughout the City of Toronto, and Bartley Towns is no exception. This community of just 84 townhouses is located in close proximity to the DVP north and south highway and minutes away from the new Eglinton LRT, perfectly situating the community for ease of commuting and getting around Toronto.
Read on to learn why buying a Bartley Towns townhome is a great investment and all the details you need to know about the Grand Opening this weekend.
Making a Good Real Estate Investment in Toronto
When it comes to making a solid real estate purchase and investment in the City of Toronto, there are a few key factors that come into play:
- Location
- Quality
- Potential
Bartley Towns is a sure winner in the location department. The townhome community is located on Victoria Park just a bit south of Eglinton and just east of the DVP, 600 metres to the Sloane LRT stop and about a 10-minute walk to Eglinton Square. Eglinton Square is going through a major redevelopment, which adds to the “potential” quality. And BAZIS is a renowned, reputable builder known for building high-quality, luxurious living spaces with the utmost attention to detail. Location, quality and potential: check, check and check.
Let’s explore each category closer.
Location
Bartley Towns’ neighbourhood is also known as Victoria Village or Victoria Park Village. This multicultural, diverse area features winding streets that are charming and pedestrian-friendly, and feels like a cozy enclave in the middle of the bustling City of Toronto.
The area’s quiet streets, well-maintained homes and large lawns make it welcoming and picturesque, and the neighbourhood is highly appealing to young and growing families. The community boasts numerous public and private schools (Bartley Towns has 17 schools within a 20-kilometre radius), libraries, community centres and parks with ample green space and walking trails as well as movie theatres, museums, grocery stores, and several public transit options, all of which add to the appeal for families. The neighbourhood also has an impressive 55 restaurants, bars and coffee shops, which makes it a great place to explore and to enjoy an evening out. Read our blog post “40+ Shops, Restaurants, and Amenities Near Eglinton and Victoria Park at Bartley Towns” to learn more about the many amenities close to home in this family-friendly neighbourhood.
Neighbourhood Walk Score
The neighbourhood also has a strong bike score of 57, an excellent walk score of 69 and a solid transit score of 68. Residents will benefit from the brand new LRT, which is scheduled to be completed by May 2022 (well before Bartley Towns move-ins begin). The Eglinton Crosstown LRT’s development and construction represents an $8.4 billion investment and is set to be a major Toronto transportation artery in the near future. Victoria Village residents can also take advantage of the 24-hour bus service along Victoria Park Avenue, which connects to the Bloor-Danforth subway line.
Explore this family-friendly Toronto neighbourhood further.
This prime location makes Bartley Towns a great community to invest in.
Quality
When investing in a real estate property, quality is also a key consideration. Choosing a house or townhouse built by a reputable builder with a long history of excellence is a safe choice to make sure you get the most value for your investment.
BAZIS has a long reputation of designing luxurious living spaces with the utmost attention to detail. Being able to successfully combine visionary architecture and design with marketing and construction has turned BAZIS into a reckoning force in pronouncing the city’s landscape.
The company is known for the unique architecture and high standards of luxurious finishes of its various residences. Knowing that each of BAZIS’ developments is crafted with exquisite design, superior location and elaborate amenities will give you peace of mind.
Potential
The potential of an area is also important, because you want to make sure that your investment will increase exponentially over time. While Victoria Village is an established community, it also has heaps of potential as it’s undergoing a period of major growth and revitalization. Nearby Eglinton Square is going through a major redevelopment, the brand new Eglinton Crosstown LRT is under construction and set to open in 2022, and the stretch along Victoria Park Avenue is undergoing a major period of commercial revitalization.
Bartley Towns’ Grand Opening Is This Weekend!
Bartley Towns represents a great investment opportunity and offers beautiful townhouses in a prime location that your family will love. The community is now open for sale, but act fast as there are just 84 townhomes available.
Interested in learning more about Bartley Towns? Explore our website to discover the home designs, explore the beautiful features and finishes, and to book your private appointment with our sales team today. You can also contact our sales rep John Ly at info@bartleytowns.com or 416-639-8788 if you would like to make a virtual or in-person private appointment at our Sales Office (located at 250 Shields Court, Unit 1, in Markham). Signing of documents is available via DocuSign or in person. Deposits can be made via wire transfer or by bringing cheques to our Sales Office.
Make sure to follow BAZIS on social media (Facebook, Twitter or Instagram) for more news, info, and the latest updates on Bartley Towns and other communities.
Everything You Need to Know About Toronto’s 2020 Real Estate Market Forecast
With Canada’s national housing supply being at the lowest levels seen in 12 years according to the Canadian Real Estate Association (CREA) and home sales rising 0.6% nationally from October to November 2019 (for the ninth straight month of increases), it’s clear that the Canadian housing market is on fire. Continue reading
A Positive Outlook for New Homes in Toronto this Fall
A generally positive fall is underway with a relatively strong real estate market in Canada. This is great news for those investing in real estate, which continues to show strength over the long term as a means to build wealth in Canada.
The Canadian Real Estate Association is reporting slight increases in September, with benchmark prices rising .5% in September over August and increases of 1.3% year over year. Continue reading
2018 Condos Market Outlook in Toronto
While news headlines show dramatic changes in market conditions from 2016 to 2017, if one looks deeper, the picture is much more stable than would first appear. It’s important to note that 2015 and 2016 were not typical years. With an almost frantic pace fueled by low inventory, buyers scrambled to buy, resulting in bidding wars and a huge upswing in sales numbers. The activity seen in those two years make the return to more normal conditions in 2017 and 2018 appear much more dramatic than they actually are. Continue reading
International Real Estate Developer BAZIS Inc. Chooses Toronto For Future Developments
Toronto is the city of choice for world renown builder BAZIS Inc. Ranked as one of the safest cities in the world, Toronto is liveable, multicultural, beautiful, and rapidly growing! It is undeniable that Toronto is booming, the local real estate market is one of the hottest in North America. But with new residential and commercial developments sprouting at a rapid rate, it is vital to ensure that urban builders don’t just have profits in mind. BAZIS Inc. is a perfect fit for the Toronto real estate market. They understand the complexities of vertical, urban architecture, and the foundations needed to build luxury living spaces that promote a sense of community within a busy urban core. Continue reading