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- Home prices in the Greater Toronto Area are expected to slide once again next year, according to a new report from one of the country’s largest real estate brokerages. In a report published on Tuesday, Re/Max said it is predicting prices to dip in the GTA by three per cent in 2024.
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The City of Toronto is still seeing a year-over-year increase in its average home price, a rare case amid a sea of red across the Greater Toronto Area. For July 2024, the City of Toronto’s average home price was $1,087,436, up by 2.0% year-over-year.
In its 2024 Canadian housing market forecast report, REMAX predicts Toronto area home prices will decline by 3% by year end. Back in April, Phil Soper and Royal Lepage made a bold projection of home prices, to rise 8% in the 4th quarter, 2024.
Toronto home prices are not affordable. A first-time homebuyer household earning $97,000 (the median Metro Toronto household before-tax income) can only get a $345,000 mortgage. If they were to save a $85,000 down payment, they would only be able to buy a home valued at $430,000.
The average selling price of a single-family home in Toronto was $1,325,300 for the month of July 2024, that’s decreased by 1.3% compared to the previous month. On a year-over-year basis, single-family home prices in Toronto have decreased by 4.2% over the last 12 months.
- Mortgage Content Expert
The news is saying we might see bigger real estate price drops than previously expected and TD says prices at the lowest point will be 15% higher than before the pandemic. What this means is that in Canada, prices can still go lower but prices haven’t been coming down at the same rates. In Toronto, we’re closer to that expected low point.
Mar 4, 2024 · Detached homes experienced a slight increase of 0.7% year-over-year, reaching an average price of $1.35M. Semi-detached homes saw a more substantial growth of 1.8%, setting the average at $1.04M. Contrastingly, freehold townhouses faced a decrease of 1.3%, bringing the average to $964K.
Housing Market Report for August 2024. Current Toronto MLS® stats indicate an average house price of $1,095,083 and 3,823 new listings in the last 28 days. As of today, Toronto housing data shows median days on market for a home is 27 days. Tweet.
