"Home sales in the Greater Toronto Area (GTA) fell year-over-year in August 2024, although new listings increased slightly during the same period. Despite a well-supplied housing market in August, average home prices only saw a minor decrease compared to August 2023.
Jennifer Pearce, President of the Toronto Regional Real Estate Board (TRREB), noted that the Bank of Canada's rate cut announced on September 4 is expected to enhance affordability, particularly for those with variable rate mortgages. First-time buyers, who are especially impacted by changes in borrowing costs, may see increased activity as mortgage rates continue to decline over the coming year. This trend is anticipated to boost first-time home purchases, including in the condo market.
TRREB Chief Market Analyst Jason Mercer explained that as borrowing costs decrease over the next year and a half, home buyers will benefit from both lower monthly mortgage payments and reduced home prices. While demand is anticipated to increase, especially in 2025, it will take time for the existing inventory of listings to be absorbed. The abundance of market options is expected to help keep price growth modest, at least during the initial stages of the recovery."**
To access full report, click here: https://trreb.ca/market-data/market-watch/
**Source: Toronto Regional Real Estate Board (2024)
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