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Taxing Times

Toronto’s February market was more active than a year ago.  Transactions increased on average by 13% with freehold properties leading the way reporting double digit sales growth as condo apartment sales increased by 7%.  Prices stayed at similar levels as more listings came on the market. More importantly, momentum from January continued into February as…

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Signs Of Life

The following is a public service announcement:   If you have a property in Toronto, you must complete your 2023 Vacant Home Tax Declaration of Occupancy Status by February 29, 2024. – Let us know if you have questions. Toronto’s January real estate market showed signs of emerging from hibernation.  Transactions were 16% higher than December…

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Falling Affordability = Lingering Inventory

Toronto’s real estate market went out with a whimper.  Although December transactions were higher than a year ago, last December’s sales volumes were ghastly.  Properties took on average 49 days to sell when factoring in that 25% of properties were re-listed.  Prices remained steady as many sellers chose to sell first before buying.  With less…

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Winning When You Lose

Toronto’s November real estate market was weaker than a year ago.  Higher interest rates eroded affordability leading to 11% fewer transactions as new listings increased by 17%.  Prices remained stable due to underlying demand from population growth. Prices will likely soften in the coming months as interest rates will not decline until Spring 2024 at…

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More Choice For Buyers

Toronto’s September real estate market was as sluggish as it was a year ago – recording the same 1,744 sales.  These volumes were 40% less than the 2018-2023 five-year average for September transactions.  Compared to a year ago, prices were higher with freehold properties increasing 7% while condo apartment prices slid by 5%. Looking ahead, the market…

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Stalled for Fall

Toronto’s August real estate market saw a dip in freehold sales and a small uptick in condo sales compared to a year earlier.  Average prices for semi-detached increased which bucked the trend (although this segment is a very small part of the Toronto market) in the detached and condo apartment segments. Despite higher levels of…

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Deja Vu

Toronto’s real estate market had higher sales and prices compared to a year ago.  Sales increased modestly by 3% as the average price rose on the relative strength of detached properties.  Despite a more active July market, there are headwinds on the horizon. As housing prices accelerated in Q2 2023, the Bank of Canada raised…

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Change For Good?

Toronto’s June real estate market was more active than a year ago.  Transactions increased by 17%. Average prices increased for freeholds while prices remained flat for condo apartments. The market cooled from May 2023 to June 2023 with prices dropping by 4% as the June 2023 interest rate increase caught some buyers by surprise coupled…

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Market Momentum

The Toronto market continued to rebound in May.  Sales transactions increased for the first time on a monthly basis with 23% more transactions in May 2023 compared to May 2022.  Prices are slightly down from a year ago, but month-on-month sales have increased since the beginning of the year.  The average price of $1,197,021 in…

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From Buyer’s Market to Seller’s Market

Toronto’s April sales volumes and prices are down from April 2022 which should come as no surprise as 2022 prices were at all-time highs. As mentioned in the last 3 monthly newsletters, the market continues to strengthen as average prices increased for the fifth consecutive month. Buyers who were on the sidelines are coming back…

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