🌇 Toronto Home Prices Will Drop in 2024, But Condo Market Set to Rebound

• Analysts predict Toronto home prices will drop by 3% in 2024, while Kitchener prices may decline by 8%.

• However, the national average home price is projected to increase by 0.5% in 2024

• Cities like Windsor are expected to see a significant increase of 75% in home prices.

• Toronto's condo market is expected to bounce back as it's already experienced a price correction in 2023.

Why This Matters: Despite price declines in some regions, strong demand for housing and a lack of supply in Ontario will help offset significant depreciation. Anticipate increased market activity in spring 2024 as buyers have been waiting on the sidelines to enter the market. However, potential interest rate decisions by the Bank of Canada may impact market conditions.

🌎 Global Investors Eye Canada's Housing Market Amid Shortage

• Analysts predict that global investors will favor Canadian multi-family properties as Canada's housing shortage grows.

• The report identifies Calgary, Vancouver, and Toronto as Canada's prime investment cities.

• It's forecasted that more distressed assets in the Canadian multi-family market will become available soon.

• The high level of migration in Canada is driving global investors.

Why This Matters: Population growth and high immigration mean that Canadian multi-family markets are likely to remain robust for the next few years. Distressed assets in the Canadian multi-family market will become available soon, attracting global investors waiting on the sidelines.

🔥 Hot Canadian Cities with House Prices Under $500,000

• Despite the high prices in major metro cities like Vancouver and Toronto, there are several Canadian cities where homes can still be purchased for under $500,000.

• These cities provide affordable options for homebuyers while still offering attractive features and growth potential.

🏢 GTA Office Space Market Shifting

• GTA office space availability is at 18%, with 12.5% currently vacant, a notable increase since 2020 when only 2.1% was vacant.

• The shift in demand is evident in the diverging trends between Class A (premium) and Class C (less desirable) office spaces. Availability in Class A has risen to 20%, while Class C has fallen to 13%.

• Educational institutions are taking advantage of the downturn in the office space market, securing additional space to accommodate the surge in international students.

⛷ Ontario Ski Country Experiences Second-Highest Price Drop in Canada

• Ontario ski country housing market sees second-highest price drop in Canada.

• 2023 saw a 10.1% annual drop in the median price of single-family homes in Southern Georgian Bay ($800,000).

• Condo prices in the area are down 8.9%

• Slopeside or mountain-base properties start at $1,000,000 for houses and $400,000 for condos.

• Despite price drops, sales remain stable with a 2.7% annual increase.

• Short-term rental restrictions and lower seasonal and ski resort rental prices contribute to increased inventory.

Why this Matters: Reduced buyer demand during the pandemic has led to market softening and frustration among sellers. Renting out recreational properties on the short-term market to offset mortgage expenses is not a viable option in Southern Georgian Bay where such rentals have been restricted for decades. 

💡 Ontario updating Rules Governing Real Estate Sector​ Effective Dec 1st

• The seller can only share the contents of offers if they provide written permission.

• The Code of Ethics will focus more on ethical obligations, conflicts of interest, and keeping information confidential.

• Brokers must give the RECO Information Guide to someone who is representing themselves or is a potential client before helping them in any way.

• Agents must provide these forms to people representing themselves before helping them. 

  • ​For Designated Representation​

  • ​For Brokerage Representation ​