MACKEY & McCORMICK

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...

Our Real Estate Update June 2024

Posted on Jul 08, 2024

After four years of elevating borrowing costs, interest rates finally dropped in June, leading to buyer optimism. However, as the June data indicates, this has not yet translated into increased sales. Sales fell to 6,213, marking a 16 per cent decline compared to the same period last year. Despite this, there are reasons for optimism for both buyer...

Our Real Estate Update May 2024

Posted on Jun 11, 2024

In the GTA, May home sales remained slower than average, however in the wake of an interest rate decrease, an increase in sales activity is on the horizon for the second half of 2024. While sales were subdued, prices were once again resilient. The average selling price of $1,165,691 was down by 2.5% over the May 2023 result of $1,195,409. On a seas...