The latest Greater Toronto Area (GTA) real estate report from TRREB highlights a 7.9% drop in home sales year-over-year in January but a 14.5% increase from December 2024. While most property types saw a decline, semi-detached homes rose by 2.9%, likely due to relaxed mortgage rules allowing lower down payments on homes up to $1.5 million. New listings surged 48.6% from the previous year, yet the average selling price increased by 1.5% to $1,040,994. Detached, semi-detached, and townhouse prices grew modestly, while condo prices declined by 1.6%.
TRREB forecasts a 12.4% rise in sales in 2025, driven by lower borrowing costs and increased housing supply. Additionally, 28% of survey respondents plan to buy a home this year, while 37% intend to sell.
With 1.2 million fixed-rate mortgages up for renewal, Canadian banks are fiercely competing with cashback offers and special rates. Mortgage rate flexibility means homeowners should shop around for the best deals.
Financial experts advise early tax filing to avoid penalties, with tax bracket adjustments and RRSP contribution increases for 2025.
Lastly, home renovation strategies and water damage prevention tips are highlighted, emphasizing cost-saving approaches like hiring proactive contractors and proper landscaping.
