Real Estate News

Greater Toronto homes sales in March were down 4.5% from last year, but there was enough competition between buyers that the average home price rose moderately year-over-year. 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. […]

We have recently seen a resurgence in sales activity compared to last year as the change in tone from the Bank of Canada has led to demand for homes to heat up across the Greater Toronto Area ahead of the spring real estate market.  The market assumption is that the Bank of Canada has finished raising interest rates. As we move through 2024, an increasing number of buyers will re-enter the market with adjusted housing preferences.  […]

Toronto area home sales soared in January for the second straight month. Homebuyers, who fear a cut to the central bank's key rate will open the floodgates of pent-up demand and send prices skyrocketing all over again, are now speeding up their plans to try to buy before the frenzy while hesitant sellers are waiting to list until they see prices on the upswing. It's created a perfect storm for bidding wars and over-asking price sales. […]

Toronto-area real estate sales fell to a 23-year low in 2023 as higher mortgage rates put home ownership out of reach for many would-be buyers. Relief seems to be on the horizon as borrowing costs are expected to trend lower in 2024. Assuming borrowing costs trend lower this year, look for tighter market conditions to prompt renewed price growth in the months ahead.  […]

High borrowing costs and uncertain economic conditions continued to weigh on the Greater Toronto Area real estate market in November. As mortgage rates trend lower next year and the population continues to grow at a record pace - expect demand to increase relative to supply. This will eventually lead to renewed growth in home prices. We wish you and your loved ones a safe and joyous holiday season. See you in 2024! […]

New listings were up and sales were down in October as high interest rates pushed many first-time home buyers to the sidelines. We do not expect activity to rebound over the remainder of the year, with the Bank of Canada repeatedly saying that it is prepared to raise interest rates above the current five per cent if inflation remains high. We look forward to helping you with your real estate needs! Call us at 416-949-1684 or visit http://www.stevemoranhomes.com  […]

Greater Toronto Area home sales slid 7.1 per cent last month compared with September 2022 as the impact of high borrowing costs and uncertainty surrounding future Bank of Canada decisions contributed to the downward trend in sales. The consensus view is that borrowing costs will remain high until mid-2024, after which they will start to trend lower. I am eager to help you with your real estate needs! Call me at 416-949-1684 or visit http://www.stevemoranhomes.com  […]

Higher borrowing costs and continued uncertainty about the economy resulted in fewer home sales in August compared to August 2022. In the short term, we will likely continue to see some volatility in terms of sales and home prices, as buyers and sellers wait for more certainty on the direction of borrowing costs and the overall economy. I am eager to help you with your real estate needs! Call me at 416-949-1684 or visit http://www.stevemoranhomes.com  […]

The average price of a Toronto home dropped from June to July as the market became more balanced with home sales trending lower and new listings trending higher. The average price for a home in Toronto is now approximately 1.12 million. Over the long term, the demand for ownership housing will remain strong on the back of record population growth. I am eager to help you with your real estate needs! Call me at 416-949-1684 or visit http://www.stevemoranhomes.com […]

Home sales and the average selling price in the Greater Toronto Area in June remained above last year's levels. Economists are expecting the real estate market to lose momentum in the second half of the year because of higher borrowing costs. The Bank of Canada's next interest rate announcement is July 12. I am eager to help you with your real estate needs! Call me at 416-949-1684 or visit http://www.stevemoranhomes.com […]

The Greater Toronto Area's housing market recovered further in May, with sales and home prices climbing for the fourth consecutive month. The market has been rebounding since January when the Bank of Canada said it would take a break from raising its key interest rate. Some economists are predicting that the central bank will increase interest rates at its scheduled meeting today. I am eager to help you with your real estate needs! Call me at 416-949-1684 or visit http://www.stevemoranhomes.com […]

The recovery in Toronto's housing market gained momentum in April, with sales soaring and home prices climbing for the third consecutive month, as a shortage of properties for sale renewed competition among buyers. As the population continues to grow in the face of record immigration both the rental and ownership markets will continue to tighten. I am eager to help you with your real estate needs! Call me at 416-949-1684 or visit http://www.stevemoranhomes.com […]

Toronto's housing market is showing signs that it is on the rebound, with sales jumping and home prices rising in March for the second consecutive month. Now that more buyers have resumed their search, competition is heating up again and properties are drawing multiple offers. Lower inflation will help push down borrowing costs this year, likely boosting demand further. I am eager to help you with your real estate needs! Call me at 416-949-1684 or visit http://www.stevemoranhomes.com […]

The average selling price for February was 1.1 million roughly 5 percent higher than the average January price. The Bank of Canada hinted in January that it would pause the rate hikes in order to assess the economic landscape. Yet recent economic data has suggested the central bank may need to hike again. I am eager to help you with your real estate needs! Call me at 416-949-1684 or visit http://www.stevemoranhomes.com […]

Home sales and selling prices appear to have found some support in recent months. This coupled with the Bank of Canada announcement that interest rate hikes are likely on hold for the foreseeable future will prompt some buyers to move off the sidelines in the coming months. Record population growth and tight labour market conditions will continue to support housing demand moving forward. I am eager to help you with your real estate needs! Call me at 416-949-1684 or visit http://www.stevemoranhomes.com […]

Toronto's housing market closed 2022 with another loss in December, bringing Toronto home prices down 19 per cent from record highs set earlier in the year. This year's housing market will be determined by the opposing forces of higher interest rates that temper buyer activity and heavy demand for housing, fuelled by rising immigration. I am eager to help you with your real estate needs! Call me at 416-949-1684 or visit http://www.stevemoranhomes.com […]

Sales activity in November continued to be influenced by the impact of higher borrowing costs on affordability. The Bank of Canada is expected to raise interest rates today but its not known if the rates will rise another 25 or 50 basis points. The long-term challenge for policy-makers will not be inflation and borrowing costs, but rather ensuring we have enough housing to accommodate population growth. I am eager to help you with your real estate needs! Call me at 416-949-1684 or visit http://www.stevemoranhomes.com […]

The sales slump in the Greater Toronto Area deepened last month with half the number of transactions compared with a year earlier and new listings dropping to a level not seen in more than a decade. The Bank of Canada said it would continue on the same path of rate hikes to get inflation under control, although it indicated it was getting closer to the end. I am eager to help you with your real estate needs! Call me at 416-949-1684 or visit http://www.stevemoranhomes.com […]

The real estate market in the Toronto region fell in September, with sales and home prices down as higher interest rates continue to dampen demand and mortgages remain difficult to secure. The Bank of Canada is set to hike interest rates another three-quarters of a percentage point by the end of the year further intensifying ownership costs. We wish you and your families a Happy Thanksgiving. Be thankful for what you have and you'll end up having more. […]

After several months in a slump, the Toronto area housing market showed signs of strength in August as sales and the average home price increased compared to July. The Bank of Canada is expected to announce today another oversized interest rate increase. Financial markets are betting the central bank will raise its key rate by 75 basis points. I am ready to help you with your real estate needs! Call me at 416-949-1684 or visit http://www.stevemoranhomes.com […]