The Vellore Village Real Estate Newsletter for January 2024 provides a market watch, recent sales data, and featured listings for the Vellore Village area. Additionally, the newsletter discusses mortgage rates and advises prospective homebuyers in the GTA to consider the potential impact of interest rate cuts on home prices, emphasizing that low rates and prices attract high demand, ultimately driving prices up.
In the Greater Toronto Area (GTA), high borrowing costs and economic uncertainties continued to impact home sales in November, resulting in a flat year-over-year price growth. The average price for a detached City home increased by 3.5% to $1,617,918, while condo apartment prices dipped 1.7% to $720,280. In the 905 areas, most housing categories experienced a slight year-over-year increase in average price, except for townhouses, which saw a 0.7% decrease. The price for a condo in the 905 areas climbed to $689,654, a 6.4% improvement from November 2022.
According to Jason Mercer, chief market analyst at the Toronto Regional Real Estate Board (TRREB), the soft growth in GTA home prices has led to improved affordability for buyers. He predicts that as mortgage rates trend lower in the coming year and the population continues to grow, demand will increase relative to supply, eventually leading to renewed growth in home prices.
Detailed downloadable pdf is attached below.
