Market Report Update! ⁣

In 2023, surging demand, fueled by record immigration, shifted attention to rentals. GTA home sales dipped below 70k due to affordability challenges from high mortgage rates. Despite a spring-summer uptick, new listings declined, raising concerns amid population growth.

The average selling price held at $1,126,604, a 5.4% decline, yet displayed resilience with monthly increases., yet showcasing resilience with monthly increases.

Are you wondering what this means for the value of your home? Dm us @boltonandclements and we'll provide you with expert advice on what this means to you specifically.

Are you wondering what this means for the value of your home?

Give us a call on 416-786-0035 or dm @boltonandclements and we'll provide you with expert advice on what this means to you specifically.

Yours in real estate,

Bolton & Clements Real Estate Group

November 2023 : Despite a 6% decline in home sales (4,236 transactions), the market saw a 16.5% surge in new listings, providing more options for buyers.

The average selling price held steady at $1,082,179, exhibiting stability year-over-year. Economic uncertainties and borrowing costs continue to influence the market dynamics.

On a positive note, month-over-month sales increased slightly, while new listings saw a 5.5% decrease. The MLS® Home Price Index Composite benchmark, however, showed a 1.7% dip on a seasonally adjusted basis.

Are you wondering what this means for the value of your home?

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Yours in real estate,

Bolton & Clements Real Estate Group

In October 2023, the Greater Toronto Area (GTA) housing market faced ongoing challenges of affordability and uncertainty. Home sales dipped by 5.8% compared to last year, but selling prices continued to rise.

REALTORS® reported 4,646 GTA home sales, reflecting a slowdown compared to October 2022. New listings saw a notable increase from last year but remained modest compared to the 10-year average for October.

Despite the fluctuations, the October 2023 MLS® Home Price Index Composite benchmark and average selling price both showed year-over-year growth, with a 1.4% and 3.5% increase, respectively.

The GTA housing market remains dynamic and resilient, with prices holding strong above the cyclical lows of early 2023. ️

Are you wondering what this means for the value of your home?

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Yours in real estate,

Bolton & Clements Real Estate Group

GTA home sales faced challenges in September due to high borrowing costs, inflation, and economic uncertainty. Despite increased listings, the average selling price showed resilience, up year-over-year.⁣

REALTORS® reported 4,642 home sales, down 7.1% from September 2022, with ground-oriented homes seeing a more pronounced decline.

New listings surged compared to last year, both year-over-year and month-over-month, offering hope for the market's future.

The MLS® Home Price Index (HPI) Composite benchmark rose 2.4% YoY, while the average selling price increased by 3%, with only a slight month-over-month dip.

Are you wondering what this means for the value of your home?

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Yours in real estate,

Bolton & Clements Real Estate Group

August 2023 Home Sales in Greater Toronto Area: Lower Sales, Stable Prices

Higher borrowing costs and economic uncertainty led to a 5.2% drop in home sales compared to last year. However, the average selling price remained steady. New listings increased by 16.2%, providing some relief, but year-to-date listings are down.

Interest rate hikes in May led to buyers adjusting offers for higher payments, affecting sales. The MLS® Home Price Index saw a 2.5% YoY increase, while the average price edged up slightly.

The interest rate announcement left the prime rate unchanged which should help improve the economic slowdown and increase real estate activity.

Are you wondering what this means for the value of your home?

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Yours in real estate,

Bolton & Clements Real Estate Group

In July 2023, the Greater Toronto Area (GTA) witnessed increased home sales, new listings, and home prices compared to July 2022. Market balance improved slightly on a seasonally adjusted basis, with sales tapering while new listings rose.

Home sales remained higher than the previous year, reflecting an adjustment to elevated borrowing costs. However, the sales momentum from earlier in spring waned after the Bank of Canada's rate tightening cycle resumed in June. The scarcity of available listings compounded the impact of higher rates, contributing to a challenging purchasing environment.

GTA REALTORS® reported 5,250 sales through TRREB’s MLS® System in July 2023, a 7.8% increase from July 2022. New listings also rose, up by 11.5% annually. The MLS® Home Price Index Composite benchmark rose by 1.3% year-over-year. The average selling price climbed by 4.2% to $1,118,374 within the same timeframe.

On a seasonally adjusted monthly basis, sales declined for the second consecutive month, while new listings showed an upward trend. The seasonally adjusted average selling price slightly decreased, while the MLS® HPI Composite benchmark rose.

Recent uncertainties surrounding borrowing costs, employment, and the economy affected home sales. Long-term demand for ownership housing remains strong due to significant population growth. Nonetheless, many potential buyers may remain cautious until monetary policy and economic conditions gain clarity.

Despite projected population growth, housing policy misalignment poses challenges. Increased immigration targets have yet to translate into meaningful progress in housing availability. All levels of government must collaborate to address this pressing issue, ensuring a sustainable living environment for a growing population.

Are you wondering what this means for the value of your home?

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Yours in real estate,

Bolton & Clements Real Estate Group

Prices are on the rise! ​​​​​​​​​ Greater Toronto Area (GTA) Home Sales Update!

June 2023 showed higher home sales and average prices compared to last year. Seasonally adjusted sales dipped month-over-month, but average selling price and MLS® Home Price Index (HPI) Composite benchmark increased compared to the previous month.

Despite higher borrowing costs, the demand for ownership housing is stronger than last year. However, uncertainty about inflation and interest rates impacted sales. Inventory shortage also affected buyers. ❌

In June 2023, GTA REALTORS® reported 7,481 sales, a 16.5% increase compared to June 2022. Listings were down 3%. ⬆️⬇️

Average selling price rose by 3.2% to $1,182,120. The MLS® HPI Composite benchmark declined by 1.9% on a year-over-year basis, the lowest decline rate in 2023. Overall, the market conditions were tighter in June 2023 compared to the same period last year.

Are you wondering what this means for the value of your home?

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Yours in real estate,

Bolton & Clements Real Estate Group

The Greater Toronto Area (GTA) housing market saw increased sales in May 2023, but the supply of homes for sale couldn't keep up with the demand.
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Sales as a share of new listings rose significantly compared to the previous year, leading to an average selling price of almost $1.2 million. The lack of housing supply has been a longstanding issue, and failure to address it may impact the region's economic development.

GTA REALTORS® reported a 24.7% increase in sales compared to May 2022, while new listings decreased by 18.7%. The demand for ownership housing has risen due to higher borrowing costs and population growth.

The MLS® Home Price Index was down 6.9% year-over-year but up 3.2% on a monthly basis. The average selling price declined 1.2% compared to May 2022 but increased by 3.5% compared to April 2023.

Are you wondering what this means for the value of your home?

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Yours in real estate,

Bolton & Clements Real Estate Group

The housing market in the Greater Toronto Area (GTA) is becoming more competitive for buyers. While sales were down slightly from last year, the number of new listings dropped by more than one-third. ​​​​​​​​​

This means that buyers are facing more competition for available homes, which has resulted in higher selling prices since the start of the year. According to the President of TRREB, the issue moving forward will not be the demand for homes, but the ability to meet this demand with enough supply, which requires sustained effort from all levels of government. In April 2023, GTA REALTORS® reported 7,531 sales, down 5.2% from the same month last year, but up from March 2023. New listings were down by 38.3% year-over-year.

While the Home Price Index (HPI) Composite Benchmark was down 12.1% year-over-year, the average selling price in the GTA was $1,153,269 in April 2023, which was down from last year but up compared to March. As the demand for homes continues to rise relative to supply, renewed competition between buyers is leading to higher home prices. This is shining a spotlight on the persistent lack of listings and its impact on affordability.

Are you wondering what this means for the value of your home?

Give us a call on 416-786-0035 or dm @boltonandclements and we'll provide you with expert advice on what this means to you specifically.

Yours in real estate,

Bolton and Clements Real Estate Group