MACKEY & McCORMICK

Our Real Estate Update January 2025

Posted on Feb 06, 2025

The latest Toronto Regional Real Estate Board’s Market Outlook and Year in Review report indicates that a strong housing supply is expected to keep home price growth in line with inflation. As a result, home prices in the Greater Toronto Area (GTA) are projected to see moderate increases over the year. The average home price is currently $1,040,994...

Our Real Estate Update December 2024

Posted on Jan 13, 2025

The GTA real estate market wrapped up 2024 with an average sales price of $1,067,186, representing a 1.6 per cent decline compared to the previous year. Full-year data revealed an average sales price of $1,111,487, indicating a relatively stable selling price over the past twelve months. Total annual sales reached 67,907, a 2.5 per cent increase ye...

Our Real Estate Update October 2024

Posted on Nov 13, 2024

The recent 50-basis-point rate cut by the Bank of Canada will hopefully have positive implications for the GTA real estate market. The reduction in borrowing costs is likely to attract more buyers, particularly those who were previously constrained by higher rates. In a market where affordability is a pressing concern, lower mortgage rates may reli...

Our Real Estate Update September 2024

Posted on Oct 16, 2024

Homes across the GTA continued to sell, with steady activity following three consecutive 25-basis-point interest rate cuts by the Bank of Canada—the first time this has happened since the 2009 financial crisis. While analysts anticipated a more robust second half of the year, there is still optimism for a positive shift in the market in the coming...

Our Real Estate Update August 2024

Posted on Oct 16, 2024

As expected, the Greater Toronto Area (GTA) housing market concluded the summer with higher inventory and lower sales volume compared to the previous year. Interestingly, in August, the average home sold for $1,074,425, reflecting a slight annual decrease of less than 1%. Active listings remain elevated, with 22,653 homes on the market—a whopping 5...

Our Real Estate Update July 2024

Posted on Aug 06, 2024

The Greater Toronto Area real estate market saw a rise in buyer activity in July 2024, with sales increasing compared to the same period last year. Despite this uptick, buyers continue to benefit from a well-supplied market, as new listings outpaced sales growth, providing more choices and slightly easing price pressures.

For more details on the Jul...