02.12.25 | For Buyers

Housing Market Insight January 2024

January 2025– GTA Housing Market News

Here is our quick market update for the Toronto Real Estate Board and Milton area.

The Toronto Regional Real Estate Board (TRREB) has released its Market Outlook and Year in Review report, forecasting a well-supplied housing market that will keep annual price growth aligned with inflation. The GTA’s average selling price is expected to rise moderately throughout the year.

Market Forecast for 2025:
📈 Home Sales Growth: TRREB projects 76,000 home sales in 2025, a 12.4% increase over 2024. Lower borrowing costs and improved affordability will encourage more buyers to re-enter the market.
🏡 Average Selling Price: Expected to reach $1,147,000, reflecting a 2.6% increase from 2024. Detached homes will see stronger price growth compared to the well-supplied condo market.

“As borrowing costs decline heading into the spring market, more buyers will take advantage of improved conditions, boosting transactions and prices. However, economic uncertainty from global trade disruptions may temporarily impact consumer confidence,” said TRREB Chief Market Analyst Jason Mercer.

Key Market Insights – January 2025:

Sales Activity: GTA REALTORS® reported 3,847 home sales, down 7.9% year-over-year. However, on a seasonally adjusted basis, sales improved from December 2024.
New Listings: Increased 48.6% year-over-year, totaling 12,392 properties, indicating greater supply in the market.
Home Prices: The MLS® Home Price Index Composite benchmark rose 0.44% year-over-year. The average selling price hit $1,040,994, up 1.5% from January 2024.

Addressing Housing Supply & Affordability

TRREB emphasizes the need for diverse housing options, including missing-middle developments such as townhomes, duplexes, and low-rise multi-unit buildings. Purpose-built rental housing remains a key priority to enhance affordability and accommodate population growth.

“Traffic congestion and housing affordability are interconnected challenges that demand integrated solutions. High development charges, taxes, and bureaucratic delays only slow progress on increasing supply,” said TRREB CEO John DiMichele.

As the market evolves, collaboration between policymakers, developers, and industry leaders will be crucial to meeting the GTA’s growing housing needs.

If you are curious about your home or area specifically, please reach out we’re here to help. 

Milton Real Estate Market

The average price in Milton $1,038,619

Burlington Real Estate Market

The average price in Burlington $1,108,409

Oakville Real Estate Market

The average price in Oakville $1,352,531


The average price in GTA $1,040,994

Have questions about the market? Contact us today to learn more!

Previous Reports on GTA Housing Market News

October September August July

01.14.25 | For Buyers

2024 Year-End Market Insight

December 2024– GTA Housing Market News

Here is our quick market update for the Toronto Real Estate Board and Milton area.

In 2024, the Greater Toronto Area (GTA) housing market saw modest growth in sales and a significant rise in new listings compared to 2023. Buyers had more negotiating power, especially in the condominium market, which contributed to a slight dip in average selling prices.

“High interest rates created affordability challenges, keeping sales below normal levels. However, significant rate cuts in the latter half of the year should improve market conditions in 2025 if this trend continues,” said Elechia Barry-Sproule, President of the Toronto Regional Real Estate Board (TRREB).

GTA home sales totaled 67,610, up 2.6% from 2023, while new listings rose 16.4% to 166,121. This gave buyers more choice and helped prevent widespread price increases. The average selling price for all home types was $1,117,600, down slightly from $1,126,263 in 2023, with single-family homes holding value better than condominiums.

“Sales of single-family homes increased, but condo apartment sales declined, largely due to a lack of first-time buyers,” explained Jason Mercer, TRREB’s Chief Market Analyst.

TRREB CEO John DiMichele highlighted the need for a review of government policies impacting the housing market as 2025 approaches. December 2024 saw 3,359 sales, with new listings continuing to rise. The MLS® Home Price Index Benchmark increased slightly, while the average price fell to $1,067,186.

If you are curious about your home or area specifically, please reach out we’re here to help. 

Have questions about the market? Contact us today to learn more!

Previous Reports on GTA Housing Market News

November October September August July

12.12.24 | For Buyers

Housing Market Insight November 2024

November 2024– GTA Housing Market News

Here is our quick market update for the Toronto Real Estate Board and Milton area.

Home sales in the Greater Toronto Area (GTA) surged in November 2024, driven by lower borrowing costs and more affordable market conditions. While new listings also increased compared to last year, they did so at a slower pace, tightening market conditions and leading to price growth.

Heading into 2025, housing conditions have improved, with many buyers returning as inflation eases and borrowing costs decline. With prices still below peak levels and mortgage payments lower, the market is poised for recovery.

In November 2024, there were 5,875 home sales, up 40.1% from November 2023, while new listings rose 6.6% year-over-year. On a seasonally adjusted basis, sales also increased from October.

The MLS® Home Price Index Composite benchmark dropped 1.2% year-over-year, a smaller decline than in recent months. The average selling price, however, rose 2.6% to $1,106,050, driven by more detached home sales. On a seasonally adjusted basis, average prices were slightly lower than October.

Market conditions have tightened, especially for detached homes, with price growth outpacing inflation in Toronto. In contrast, condos saw lower prices, offering buyers more negotiating power. As borrowing costs fall, more renters may enter homeownership.

The rental market will remain balanced as renters transition to buying, though demand may increase with ongoing population growth. Improving efficiency at the Landlord and Tenant Board (LTB) could benefit both tenants and landlords and help more people access affordable homes.

If you are curious about your home or area specifically, please reach out we’re here to help. 

Milton Real Estate Market

The average price in Milton $1,119,939

Burlington Real Estate Market

The average price in Burlington $1,128,513

Oakville Real Estate Market

The average price in Oakville $1,558,529


The average price in GTA $1,106,050

Have questions about the market? Contact us today to learn more!

Previous Reports on GTA Housing Market News

October September August July

11.14.24 | For Buyers

Housing Market Insight October 2024

October 2024– GTA Housing Market News

Here is our quick market update for the Toronto Real Estate Board and Milton area.

Home sales in the Greater Toronto Area (GTA) saw a notable year-over-year increase in October 2024, with a sharp rise in activity compared to the same month in 2023. While new listings also rose during this period, the increase was less pronounced, leading to tighter market conditions than the previous year. The average selling price saw a modest annual increase.

Although we are still in the early stages of the Bank of Canada’s rate-cutting cycle, it’s clear that more buyers returned to the market in October. 

The improvement in affordability, driven by lower borrowing costs and relatively stable home prices, contributed to a rebound in market activity.

In total, GTA REALTORS® reported 6,658 home sales through TRREB’s MLS® System in October 2024—an increase of 44.4% compared to the 4,611 sales recorded in October 2023. New listings reached 15,328, up by 4.3% year-over-year. On a seasonally adjusted basis, October sales rose compared to September. 

The MLS® Home Price Index Composite benchmark was down 3.3% year-over-year, while the average selling price increased by 1.1% to $1,135,215 compared to October 2023. Seasonally adjusted, the average price also edged higher compared to September.

Despite tighter market conditions in October, there remains a significant inventory of homes, giving buyers plenty of options. This ample choice is expected to keep price growth moderate in the near term. However, as inventory continues to be absorbed and home construction struggles to keep pace with population growth, we anticipate stronger price increases, likely starting in the spring of 2025.

To further improve affordability, policymakers could consider reducing taxes for homebuyers. TRREB supports the Conservative Party of Canada’s proposal to eliminate the GST on new homes priced under $1 million, which would provide much-needed relief for first-time buyers. Expanding this rebate would not only make homes more affordable but could also encourage increased construction.

Given that the average price of a home in high-cost markets like the GTA and Vancouver exceeds $1 million, a more flexible approach, such as gradually phasing out the rebate between $1 million and $1.5 million, would better address the needs of these markets. It is encouraged that Provincial governments should also consider adopting similar measures.

If you are curious about your home or area specifically, please reach out we’re here to help. 

Milton Real Estate Market

The average price in Milton $1,040,242

Burlington Real Estate Market

The average price in Burlington $1,088,016

Oakville Real Estate Market

The average price in Oakville $1,495,46


The average price in GTA $1,135,215

Have questions about the market? Contact us today to learn more!

Previous Reports on GTA Housing Market News

September August July

10.10.24 | For Buyers

Housing Market Insight September 2024

September 2024– GTA Housing Market News

 

 

Here is our quick market update for the Toronto Real Estate Board and Milton area.

September stats showed that home sales were up in sales activity yet slightly down in price year over year. Across the GTA we saw 4,996 sales, which is an increase of 8.5% from this time last year.  The average sale price was $1,107,000, which is a very slight decrease from last year, at 1%.  We did see new listings increase by 10.5% with over 18,000 new listings coming on the market and bringing the active listings in the GTA to over 25,600, which is roughly 5.1 months of inventory indicating that the GTA is in a balanced market.  Homes are selling on average for 99% of asking and in 43 days

In Milton specifically, we saw 127 sales and have 3.8 months of inventory, with 486 active listings,  Homes in the area are selling for 99% of asking and 47 days on the market. 

What does all this mean? With the increase in home sales in September matched by the increase in new listings over the same period, we saw a better-supplied market and increased negotiating power for buyers. They had the ability to negotiate on price which led to a slight decrease in year-over-year prices especially in the more affordable segments such as condos and townhomes. 

Additionally, the government announced last month positive changes to mortgage lending guidelines. Firstly, the ability for existing mortgage holders to shop around for the best rate without facing the stress test will help with affordable mortgage renewals. Secondly, insured mortgages will have the option of longer amortization periods. Lastly, the ability to insure mortgages for purchases under $1.5 million (currently under $1 million) will allow buyers with less than 20% down to purchase homes between $1 million and $1.5 million. These changes will give buyers more flexibility when purchasing homes.

If you are curious about your home or area specifically, please reach out we’re here to help. 

Milton Real Estate Market

The average price in Milton $1,021,471

Burlington Real Estate Market

The average price in Burlington $1,159,810

Oakville Real Estate Market

The average price in Oakville $1,585,452


The average price in GTA $1,107,291

Have questions about the market? Contact us today to learn more!

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May   April    March   February January December 

09.12.24 | For Buyers

Housing Market Insight August 2024

August 2024– GTA Housing Market News

 

 

Here is our quick market update for the Toronto Real Estate Board and Milton area.

August stats showed that home sales were down year over year in both numbers and price. Across the GTA we saw 4975 sales, which is a decrease of over 5% from this time last year.  The average sale price was $1,074,000, which is a very slight decrease from last year, under 1%.  We did see new listings increase 1.5% with over 12,500 new listings coming on the market and bringing the active listings in the GTA to over 22,600, which is roughly 4.5 months of inventory.  Homes are selling on average for 99% of asking and in 28 days

In Milton specifically, we saw 131 sales  and have just over 3 months of inventory, with 443 active listings,  Homes in the area are selling for 99% of asking and 26 days on market

What does all this mean? We have fewer sales in the GTA again this year when we compare to year-to-date numbers from last year.  With the small incremental adjustments to the interest rate by the Bank of Canada, there has not been a significant translation to the market and with day-to-day affordability at the top of mind for many as well as the lack of first-time buyers, we have not seen any upwards pressure on pricing and experts suggest it will be a slower recovery in the market over the next 1.5-2 years

All markets are not the same, so while detached saw a 1% decrease in the number of sales, the condo market in Toronto is sitting at just under 15% fewer sales so if you are curious about your home or area specifically, please reach out were here to help. 

Milton Real Estate Market

The average price in Milton $1,064,460

Burlington Real Estate Market

The average price in Burlington $1,178,429

Oakville Real Estate Market

The average price in Oakville $1,430,334


The average price in GTA $1,074,425

Have questions about the market? Contact us today to learn more!

Previous Reports on GTA Housing Market News

May   April    March   February January December 

08.9.24 | For Buyers

Housing Market Insight July 2024

July 2024– GTA Housing Market News

 

 

Here is our quick market update for the Toronto Real Estate Board and Milton area.

The Bank of Canada cut their interest rates with 2 small adjustments this year, which has increased buyer activity slightly in the GTA. 

Most significantly, buyers have a lot of choice, with an increase of 55% of active listings in the GTA over the same time last year.  This means that the market has about 4 months of inventory right now Keep in mind, this market is very specific to different segments of the market. 

In the GTA there were 5,391 sales, which is a slight increase of 3% over last year, while prices remained relatively level with an average sale price of $1.1M. 

In Milton, we saw 129 sales last month and an average sale price of just under $1.1M.  With 483 active listings in Milton, we have roughly 3.7 months of inventory in the area.  Homes last month had an average of 34 DOM and sold for roughly 98% of asking. 
 
What does all this mean? While sales numbers are down, prices have not been trending down and are staying about level with previous months. 

Milton Real Estate Market

The average price in Milton $1323,960

Burlington Real Estate Market

The average price in Burlington $1,506,433

Oakville Real Estate Market

The average price in Oakville $2,012,349


The average price in GTA $1,106,617

Have questions about the market? Contact us today to learn more!

Previous Reports on GTA Housing Market News

May   April    March   February January December 

07.11.24 | For Buyers

Housing Market Insight June 2024

June 2024– GTA Housing Market News

 

 

Here is our quick market update for the Toronto Real Estate Board and Milton area.

June 2024 home sales in the Greater Toronto Area (GTA) were lower compared to the same month last year, according to the Toronto Regional Real Estate Board (TRREB). Despite the Bank of Canada rate cut at the beginning of last month, many buyers kept their home purchase decisions on hold. The market remained well-supplied, resulting in a slight dip in the average selling price compared to June 2023.

“The Bank of Canada’s rate cut last month provided some initial relief for homeowners and home buyers. However, the June sales result suggests that most home buyers will require multiple rate cuts before they move off the sidelines. This follows Ipsos polling for TRREB, which suggested that cumulative rate cuts of 100 basis points or more are required to boost home sales by any significant amount,” said TRREB President Jennifer Pearce.

GTA REALTORS® reported 6,213 home sales through TRREB’s MLS® System in June 2024 – a 16.4 per cent decline compared to 7,429 sales reported in June 2023. New listings entered into the MLS® System amounted to 17,964 – up by 12.3 per cent year-over-year.

The MLS® Home Price Index Composite benchmark was down by 4.6 per cent on a year-over-year basis in June 2024. The average selling price of $1,162,167 was down by 1.6 per cent over the June 2023 result of $1,181,002. On a seasonally adjusted monthly basis, both the MLS® HPI Composite and the average selling price were up compared to May 2024.

“The GTA housing market is currently well-supplied. Recent home buyers have benefitted from substantial choice and therefore negotiating power on price. Moving forward, as sales pick up alongside lower borrowing costs, elevated inventory levels will help mitigate against a quick run-up in selling prices,” said TRREB Chief Market Analyst Jason Mercer.

Reach out if you have any questions. 

Source: TRREB

Milton Real Estate Market

The average price in Milton $1,095,665

Burlington Real Estate Market

The average price in Burlington $1,164,925

Oakville Real Estate Market

The average price in Oakville $1,482,150


The average price in GTA $1,162,167

Have questions about the market? Contact us today to learn more!

Previous Reports on GTA Housing Market News

April    March   February January December 

06.12.24 | For Buyers

Housing Market Insight May 2024

May 2024– GTA Housing Market News

 

 

Here is our quick market update for the Toronto Real Estate Board and Milton area.

Following inflation dropping to 2.7% in April the Bank of Canada dropped interest rates 0.25 basis points last week, bringing the rate down to 4.75% from 5%. This is the first rate cut in over four years, since the pandemic, and signals a shift and a step in the right direction. 

Homeowners with variable mortgages will experience more going towards their principal and homeowners with home lines of credit will have an immediate reduction in their interest rate. Additionally, bond yields have been trending downward resulting in lower fixed rates. This is all great news for Canadian homeowners. May home sales continued at low levels, especially in comparison to last spring’s short lived spring market. The beginning of the year we saw a pickup in the market as interest rates remained flat but as we approached the spring we didn’t experience a typical spring market. 

Number of transactions in May was down 21% compared to last year yet interestingly enough new listings were up 21% when compared to last year. Prices are slightly up on an adjusted monthly basis. As affordability is expected to continue to improve as borrowing costs trend lower, demand is expected to increase as more buyers are expected to enter the market including many first-time home buyers. 

The next year will be very interesting, reach out if you have any questions. 

By: Maggie Barnett

Milton Real Estate Market

The average price in Milton $1,046,179

Burlington Real Estate Market

The average price in Burlington $1,158,109

Oakville Real Estate Market

The average price in Oakville $1,591,978

The average price in GTA $1,165,691

Have questions about the market? Contact us today to learn more!

Previous Reports on GTA Housing Market News

April    March   February January December 

05.9.24 | For Buyers

Housing Market Insight April 2024

April– GTA Housing Market News

 

 

Here is our quick market update for the Toronto Real Estate Board and Milton area.

Throughout April, the Toronto Market witnessed a fluctuating landscape in options sales: down year-over-year yet showing a modest increase from the previous month. The average sale price for all types of homes in the GTA stood at $1,156,000, indicating a slight uptick from the prior year. Despite this, homes are still commanding an average of 102% of their asking price.

Active listings experienced a notable surge, jumping over 74% compared to the same period last year. While this offered buyers a wider array of choices, many are adopting a wait-and-see approach in anticipation of potential interest rate adjustments.

In the Milton area specifically, the market presents a distinct scenario. With a mere two months of inventory available, the average sale price hovers around $1.1 million, with homes typically selling slightly above their asking price, averaging at 101%.

Should you have any inquiries concerning your particular property or neighbourhood, please don’t hesitate to get in touch. We’re here to provide support and guidance every step of the way.

By: Jeannie Oropesa

Milton Real Estate Market

The average price in Milton $1,095,865

Burlington Real Estate Market

The average price in Burlington $1,114,352

Oakville Real Estate Market

The average price in Oakville $1,587,333

The average price in GTA $1,156,167

Have questions about the market? Contact us today to learn more!

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