Toronto Home Sales Surge by 14%
Real Estate

Toronto Home Sales Surge by 14%

Toronto’s housing market experienced a notable increase in activity, with home sales rising by 14% year-on-year in October 2024, according to data from the Toronto Regional Real Estate Board (TRREB). This growth in sales is attributed to strong demand, favorable interest rates, and a relatively stable economic backdrop. However, despite the sales uptick, the city is facing challenges with constrained housing supply, which is causing upward pressure on prices. The average selling price of homes also saw a moderate increase, reflecting the combined effect of steady demand and limited inventory.

Real estate experts indicate that buyers are actively entering the market, driven by confidence in the local economy and improved financial conditions compared to previous years. The city’s condo market remains a major contributor, appealing to both first-time buyers and investors due to relatively affordable pricing compared to single-family homes. Additionally, new listings in Toronto have risen, yet they still fall short of the demand levels, creating a competitive environment where properties are sold quickly.

TRREB noted that while sales have improved, affordability concerns persist due to escalating prices and limited stock. The report highlights a need for policies aimed at increasing housing supply to ensure the market remains accessible. Experts suggest that sustainable growth in Toronto’s housing sector depends on a balance between supply expansion and demand regulation.

Looking ahead, market analysts anticipate that Toronto’s real estate landscape may continue to experience fluctuations in supply and demand dynamics, depending on economic trends and interest rate adjustments. This sales surge reflects ongoing resilience in Toronto’s housing market and highlights the city’s attractiveness as a stable and prosperous environment for property investment.

Toronto’s housing market experienced a notable increase in activity, with home sales rising by 14% year-on-year in October 2024, according to data from the Toronto Regional Real Estate Board (TRREB). This growth in sales is attributed to strong demand, favorable interest rates, and a relatively stable economic backdrop. However, despite the sales uptick, the city is facing challenges with constrained housing supply, which is causing upward pressure on prices. The average selling price of homes also saw a moderate increase, reflecting the combined effect of steady demand and limited inventory. Real estate experts indicate that buyers are actively entering the market, driven by confidence in the local economy and improved financial conditions compared to previous years. The city’s condo market remains a major contributor, appealing to both first-time buyers and investors due to relatively affordable pricing compared to single-family homes. Additionally, new listings in Toronto have risen, yet they still fall short of the demand levels, creating a competitive environment where properties are sold quickly. TRREB noted that while sales have improved, affordability concerns persist due to escalating prices and limited stock. The report highlights a need for policies aimed at increasing housing supply to ensure the market remains accessible. Experts suggest that sustainable growth in Toronto’s housing sector depends on a balance between supply expansion and demand regulation. Looking ahead, market analysts anticipate that Toronto’s real estate landscape may continue to experience fluctuations in supply and demand dynamics, depending on economic trends and interest rate adjustments. This sales surge reflects ongoing resilience in Toronto’s housing market and highlights the city’s attractiveness as a stable and prosperous environment for property investment.

Next Story
Equipment

Handling concrete better

Efficiently handling the transportation and placement of concrete is essential to help maintain the quality of construction, meet project timelines by minimising downtimes, and reduce costs – by 5 to 15 per cent, according to Sandeep Jain, Director, Arkade Developers. CW explores what the efficient handling of concrete entails.Select wellFirst, a word on choosing the right equipment, such as a mixer with a capacity aligned to the volume required onsite, from Vaibhav Kulkarni, Concrete Expert. “An overly large mixer will increase the idle time (and cost), while one that ..

Next Story
Real Estate

Elevated floors!

Raised access flooring, also called false flooring, is a less common interiors feature than false ceilings, but it has as many uses – if not more.A raised floor is a modular panel installed above the structural floor. The space beneath the raised flooring is typically used to accommodate utilities such as electrical cables, plumbing and HVAC systems. And so, raised flooring is usually associated with buildings with heavy cabling and precise air distribution needs, such as data centres.That said, CW interacted with designers and architects and discovered that false flooring can come in handy ..

Next Story
Infrastructure Urban

The Variation Challenge

A variation or change in scope clause is defined in construction contracts to take care of situations arising from change in the defined scope of work. Such changes may arise due to factors such as additions or deletions in the scope of work, modifications in the type, grade or specifications of materials, alterations in specifications or drawings, and acts or omissions of other contractors. Further, ineffective planning, inadequate investigations or surveys and requests from the employer or those within the project’s area of influence can contribute to changes in the scope of work. Ext..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?