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The GTA population reached 5.9M, significantly higher than in 1972 when data collection began. Average municipal fees rose by $42,000 for low-rises and $32,000 for high-rises since 2022.

New home sales in the GTA hit a historical low of 464 transactions in August 2024. August sales ↓ 46% compared to August 2023, and ↓ 73% below the 10-year avg.

Canada’s largest mortgage lender faces rising delinquencies in the Greater Toronto Area mortgage portfolio. Serious delinquency rates surged to 0.27% in Q3 2024, a 42% increase from the previous quarter.

Housing stock lags behind population growth, the widest gap in 50 years. New home approvals in GTA take 20 months, increasing costs by $43,000-$90,000 per unit.

Toronto’s condo oversupply will continue affecting home prices, keeping growth below average. GTA home sales remain weak but are expected to improve gradually, including in the condo market.

In Toronto, the median condo price has surpassed $600K, making affordability a challenge. Despite this, three Toronto neighbourhoods offer condos under $550K as of early 2024.

Investors and upgraders/downgraders drive detached home-buying in 40% of GTA, 80% of Fraser Valley. Toronto's detached home market led sales growth, with 34% of neighbourhoods showing stability or growth.

National Day for Truth and Reconciliation honours survivors and raises awareness about their experiences. It's a symbol of Canada's commitment to reconciliation with Indigenous communities. Wearing orange shirts on this day symbolizes respect for survivors and raises awareness about residential schools. May this day inspire a future where every voice is heard, and every spirit…

Even a full percentage point decrease in mortgage rates will not significantly increase buying power. For example, a decrease from 4.49% to 3.49% on a five-year fixed mortgage would only increase buying power by $65,000.