Real Estate Market Update | January 2025

by David Rizzuto

The Greater Toronto Area real estate market has been mostly stagnant this winter. Historically, sales activity slows down during this time of year, and this winter is no exception.

January has seen a boost in sales activity and more buyer demand compared to December, which typically happens at the start of the New Year and when the holidays are over. However, the GTA real estate market is experiencing a slower start to 2025 than anticipated. Although January sales activity was up in most market areas, it is not up enough to stimulate price growth or to keep pace with the growing inventory levels.

Compared to the same time last year, sales are down 7.9% and new listings are up a staggering 48.6%. This indicates that many buyers are holding off until at least the Spring, even with the continuous interest rate drops and more favorable mortgage qualification guidelines. In contrast, home sellers continue to try the market at unprecedented levels.

Many homeowners may be facing financial difficulty in this current economy, leading to increased levels of homes for sale. As more than 1.2 million Canadian mortgages approach renewal in 2025, with most of which at substantially lower interest rates, it is likely that even more homeowners will be pressured to sell this year due to unaffordable mortgage payments.

Depending on your situation, now may be the right time to make a move and benefit from the current market conditions. Reach out to me for expert advice!

To see how prices have been affected in your area, please click the link below to get access to TRREB's January Market Statistics for all areas in the GTA. The stats are broken down by average sales price, number of homes sold, number of new listings, and average days on market for each property type; detached, semi-detached, townhouses, and condos.

https://trreb.ca/wp-content/files/market-stats/market-watch/mw2501.pdf

If you want to know more about what is happening in your specific area, you can book a call with me by clicking the link below.

https://calendly.com/davidrizzuto/consultation-call?month=2025-02

Real Estate Market Update | January 2025

by David Rizzuto

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