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In Today’s Newsletter

• Canadian Real Estate Market Update

• GTA and Durham Region Market Insights

• Mortgage Renewal Projections for 2025

• Key Market Trends and Real Estate News

• Referral Program and Conclusion

🇨🇦 Canadian Real Estate Market Update

The Canadian real estate market continues to evolve, with recent data showing significant shifts:

• The national average home price in Canada reached $656,625 in October 2024, marking a 1.8% increase year-over-year.

• Sales activity has seen a 5.3% uptick compared to the same period last year, with 38,725 units sold across Canadian housing markets.

• New listings have increased by 3.7%, indicating a slight improvement in inventory levels.

💬 GTA and Durham Region Market Insights

Greater Toronto Area (GTA):

• Home sales surged by 40.1% year-over-year in November 2024, with 5,875 transactions reported.

• The average selling price climbed to $1,106,050, reflecting a 2.6% increase year-over-year.

• New listings saw a 6.6% uptick, although market conditions remain tight for single-family homes.

Durham Region:

• The average home price in December 2024 reached $969,297, a 12.6% increase from December 2023.

• Homes are selling at 99.8% of the list price, highlighting fierce competition.

• Days on Market (DOM) now average 28.6, with inventory levels down to 4.7 months.

💰️ Mortgage Renewal Projections for 2025

Canadian homeowners renewing their mortgages in 2025 face a new reality:

• RBC projects an average monthly payment increase of $513 for renewing clients.

• Keep in mind that we have another Interest rate announcement On Wednesday, December 11, 2024 with keep players projecting a rate decrease.

• This is due to higher interest rates since the last renewal period.

• Homeowners are encouraged to consult financial experts to prepare for these changes.