Toronto Real Estate - Navigating the Cooling Market in 2024

Toronto's housing market, once scorching hot, is now experiencing a shift. While 2023 saw improvement over 2022, activity is unlikely to match 2019, and prices are on a downward trend. But is this an opportunity or a warning sign?

Key highlights:

• Detached houses: Prices have fallen significantly, and the dream of homeownership seems further away for many due to high mortgage rates.

• New construction: Prices are dropping, and pre-sale buyers might overpay compared to future sales. Negotiate for a discount!

• Condos: After record highs, prices are falling. Apartments in the $400k-$800k range dominate the market, with significant supply coming to market in the near from ongoing construction.

• Affordability: A major challenge for first-time buyers, with the median income barely covering a down payment for a benchmark condo.

Read our full forecast report for:

• Current market state and recent trends

• Price forecast to 2026

• Selling recommendation

• Buying recommendation

Remember: The real estate market is complex, and this blog post is intended for informational purposes only. Consult with a professional for personalized advice.