GTA Sales Up 40% YoY in November
Toronto Regional Real Estate Board (TRREB) just released the data for November 2024 and seems like we're starting to see a consistent momentum building up in the housing market. "GTA REALTORS? reported 5,875 home sales through TRREB’s MLS? System in November 2024 – up by 40.1 per cent compared to 4,194 sales reported in November 2023. New listings entered into the MLS? System amounted to 11,592 – up by 6.6 per cent year-over-year. On a seasonally adjusted basis, November sales were up month-over month compared to October." Check out the tables below for a YoY Summary of key data points and for each property type. Note that 416 represents the City of Toronto while 905 represents all other areas surrounding the city that are part of the TRREB market analysis.
OUR TAKE
In our opinion, the combination of lower interest rates and increased market activity suggests a strengthening housing market. As borrowing costs continue to decrease, it's anticipated that both buyer demand and home prices will rise, setting the stage for an accelerating market recovery into 2025. Overall, the GTA housing market is showing signs of resilience and growth, with positive trends expected to continue in the coming months.
The condo market which has been one of the key concerning factors with high level of active inventory is also showing YoY positive gains. The avg. sale price of this product type, however, continues to witness headwinds in 2024. If the sales volume continues to climb and inventory starting to get absorbed, we anticipate an upward trajectory for the condo prices as well in the second half of 2025. One expert put it nicely that if the condos were a stock, they would have a BUY rating.
"We're Already In a Recession": Ex BoC Governor Poloz
Technical or not technical, with six straight quarters of declining GDP and falling by 0.4% in Q3 2024, Canada is already in a recession. That's according to the ex-Bank of Canada Stephen Poloz. Poloz suggests that with population growth, the spending continues to stay stable and the reason why we are not seeing two consecutive quarters of negative GDP growth (in other words the technical term of a recession). However, with declining growth in 8 out of the last 9 quarters, cost of living is up by 30% since the recent inflationary period, and with the dangers of new tariffs potentially coming our way from the United States, the economy has a serious danger of slowing down if not tackled correctly.
Source: Financial Post
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OUR TAKE
Poloz's observations suggest that Canada's economic resilience is under strain, with certain industries facing significant challenges. The rise in unemployment rates and sector-specific slowdowns indicate that the economy isn't fully capitalizing on its growth potential.
To mitigate these issues, targeted fiscal policies could be essential to stimulate lagging sectors and support employment. Additionally, structural reforms aimed at enhancing productivity and competitiveness may help align economic growth with population increases.
While a full-scale recession may not be imminent, proactive measures are crucial to address these emerging vulnerabilities and ensure sustainable economic health.
ON A LIGHTER NOTE
Our monthly series asks: What decor best suits each zodiac sign? For Sagittarius, an expansive, light-filled space is ideal, writes Jill Krasny
London, England?| United Kingdom Sotheby’s International Realty
Home decor inspiration can come from anywhere, including an unexpected place: astrology. But whereas moody Scorpios prefer a home that feels like a private retreat, outgoing Sagittarians may crave something different. As their zodiac season gets underway (November 22-December 21), it’s time to ask: how do you design the perfect home for a Sagittarius??
Continue reading What Is a Perfect Home for a Sagittarius? at Sotheby′s International Realty | Blog.
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