TORONTO, ONTARIO, July 6, 2023 – Home sales and the average selling price in the Greater Toronto Area (GTA) in June 2023 remained above last year’s levels. Seasonally adjusted sales dipped on a month-over-month basis. The seasonally adjusted average selling price and the MLS® Home Price Index (HPI) Composite benchmark were up compared to the previous month. “The demand for ow...Read More

Prime rate reaches 22-year high of 6.95% and could rise further as rate-hike expectations grow Variable-rate borrowers will see their interest cost on their next mortgage payment rise as banks and other financial institutions have lifted their prime rates to a 22-year high of 6.95%. Prime rate, which is used to price variable-rate mortgages and personal and home equity lines of credit (HELOCs), ...Read More

The Greater Toronto Area (GTA) housing market continued to improve from a sales perspective in May 2023. Unfortunately, the supply of homes for sale did not keep up with the demand for ownership housing. Sales as a share of new listings were up dramatically compared to a year ago. This is a clear signal that competition between buyers increased substantially compared to last year, resulting in the...Read More

TORONTO, ONTARIO, May 3, 2023 – The Greater Toronto Area (GTA) housing market continued to tighten in April 2023. On a year-over-year basis, sales edged lower compared to April 2022, but new listings were down by more than one-third. Fewer listings relative to sales meant there was more competition between buyers, supporting an improvement in selling prices since the beginning of this year. ...Read More

February sales in the Greater Toronto Area (GTA) were down substantially from the pre-rate hike levels of early 2022. However, the number of new listings also dropped substantially year-over-year. The result was that the average selling price and MLS® HPI continued to level off after trending lower through the spring and summer of last year. “It has been almost a year since the Bank of ...Read More

Despite the cold winter season that often discourages buyers and sellers alike from entering the market, new listings have increased by a staggering 88% since December. This January, 7,688 new listings entered Toronto and GTA markets, an increase of 88% month-over-month, compared to the 4,074 newly listed properties in December 2022.  This level of new listings is right on the heels of t...Read More

 As we moved from 2022 into 2023, the Greater Toronto Area (GTA) housing market unfolded as expected. The number of January sales and the overall average selling price were similar to December 2022. On a year-over-year basis, both sales and prices were down markedly, continuing to highlight the impact of higher borrowing costs on affordability over the last year. “Home sales and selling...Read More

The Greater Toronto Area (GTA) housing market experienced a marked adjustment in 2022 compared to record levels in 2021. Existing affordability issues brought about by a lack of housing supply were exacerbated by sustained interest rate hikes by the Bank of Canada. "Following a very strong start to the year, home sales trended lower in the spring and summer of 2022, as aggressive Bank of Can...Read More

The Bank of Canada raised its key interest rate by 0.25% in its first rate announcement of the year, increasing the cost of borrowing for the 8th consecutive time.   The Bank stated that economic growth was stronger than expected and our economy is still in excess demand. Inflation declined to 6.3% in December, however despite this progress, Canadians are still feeling the effects of hig...Read More

  The Canadian real estate market saw its fair share of highs and lows in 2022. With the new year right around the corner, what can we anticipate in 2023?  Lauren Haw, CEO of Zoocasa described the theme of 2023 as being “all about timing”. Here are five trends that we have our eye on:  1. Rate Increases Will Catch Up to Homeowners In our 2022 market predictions, ...Read More