Market Looks to Move Up in 2025!

Happy New Year!

2025 is upon us, filled with the anticipation of lower borrowing rates, a new government, one hopefully focused on getting inflation under control, creating jobs and opportunities for Canadians and above all, creating more housing to ease the pressure that’s been on the real estate market for many years.

2024 proved the strength of the GTA real estate market. Despite the high borrowing rates, Toronto realtors sold more homes in 2024 (67,610) than in 2023 (65,877) with prices remaining relatively stable,vs the 20%-30% drop that was bandied about by so called experts. I often think that these experts are hoping their predictions come true so that they can get into the market. Well, once again they were wrong!

2024 was a challenge for first time buyers as the high interest rates did not allow many to qualify for financing. This did impact the condominium market, generally the entrance point for many first-time buyers, creating a soft market for condominiums. As we have seen in the past, as interest rates drop more first buyers will take the opportunity to get into the market and condominium prices will continue to increase.

Thank you for all of your help and support in my real estate career. I certainly could not have the great career that I have without the help I get from so many clients and friends.

2025 promises to be a strong year for real estate sales. If you have any questions or if you have a friend who is thinking of buying or selling, please contact me, I would love to help!

Best wishes for a happy and healthy 2025!

Your Friend in Real Estate,
Howard

PS: I am never too busy for your referrals.