In November, the Toronto Regional Real Estate Board (TRREB) reported 5,875 home sales, a 40% increase from 4,194 sales in the same month last year. Detached home sales rose by 51%, while condo sales increased by 38%, marking two months of growing buyer confidence. This trend is illustrated in the 4-year sales chart below.
When we look at market conditions a year ago, the Bank of Canada (BoC) rate was 5%, and it remained there until June 2024 to battle inflation. This put the prime rate for many would-be home buyers and trapped variable-rate mortgage holders at 7.2%.
Next week, the BoC is expected to drop its current 3.75% rate, further reducing borrowing costs. With 30 % more listings than last November and seller expectations now aligned with current market sales, it is a great time to shop real estate.
“...Many home buyers patiently waited on the sidelines for reduced inflation and lower borrowing costs. With selling prices remaining well off their historical peak and monthly mortgage payments trending lower, the stage is set for an accelerating market recovery in 2025.” TRREB President, Jennifer Pearce
To celebrate our Sagittarius friends this month, we've included a Zodiac home profile to inspire you and tips on how to chill when moving over the holidays.
If a new home is on your wish list, we are available during the holiday season and can help you move in the right direction.
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Toronto Annual Sales Chart and November Market Stats
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Toronto Holiday Planning - Weekend Options
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Six Tips to Enjoy the Festive Season in Your New Home
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Sotheby's International Realty Homes For Sale
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Doorey Chu Team In The News / Testimonials (Thank you!)
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What is the Perfect Home for A Sagittarius?
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Covenant House Fundraising for Homeless Youth Results (Thank you!)
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Doorey Chu Team Third Annual Coat Drive (Thank you!)
With warmth and gratitude,
Lisa Marie, Linda, Lori and Cherry
