Hello, 🧐A very brief update on the current state of the real estate market. 👉In August 2024, Greater Toronto Area (GTA) home sales dropped 5.3% year-over-year, with 4,975 sales reported. 👉 New listings saw a slight 1.5% increase, totaling 12,547. 👉Average home prices dipped 0.8% to $1,074,425, while the MLS® Home Price Index fell 4.6%. 👉TRREB President Jennifer Pearce noted that the Bank of Canada’s recent rate cut would improve affordability, especially... [read more]

Excessive taxation in Ontario is hindering new housing development, with taxes and fees making up 31% of new home prices. The Greater Toronto Area faces the highest development charges in North America, and a federal tax change will further impact housing supply and affordability.     #mississaugarealtors #mississaugahomes #hometobuy #torontocondos #condoforsale #torontorealestate #firsttimehomebuyer #lorneparkrealestate #mississaugahome #realestatemississauga [read more]

  BMO Capital Markets reports a 4.8% year-over-year growth in Canadian real estate sales for July, although overall activity remains 5% below 2019 levels. Inventory is on the rise, especially in Toronto, where a condo supply glut has contributed to a 4.2% decline in home prices compared to last year.       Alla Poltavski West End Toronto agent . I am always happy to explain the buying and selling of real estate in more detail and consult you on any real... [read more]

Home prices have decreased, reshaping current market dynamics. Rentals now account for 49% of transactions, a significant increase from the typical 35-37% in previous years. Consumer sentiment is low, driven by concerns over inflation, rising interest rates, and high housing costs. Despite a cooling real estate market, average home prices remain 33% above pre-pandemic levels. Sellers should reassess their pricing strategies with agents, considering both macroeconomic and local... [read more]

The Bank of Canada reduced interest rates by 25 basis points to 4.5% The Toronto (GTA) market is calm despite many expecting prices to rise once interest rates drop. However, this doesn't mean that nothing is being bought or sold. During a market slowdown, much depends on the area and price. Buyers are purchasing rather than just browsing. Those who list their properties at current market prices understand that they will also buy at today's prices and quickly receive buyer... [read more]