Is the Fall a good time to move?

Is the Fall a good time to move?

Buying or selling a home in the fall can offer benefits like less competition from other buyers and sellers, leading to more stable prices and a better chance for negotiation. Sellers can attract more serious, motivated buyers and get their homes viewed more, while buyers may have an easier time finding their ideal property. Additionally, buyers might benefit from potential end-of-year tax deductions, and the season's natural beauty and comfortable weather can create an appealing atmosphere for showings.

Benefits for Buyers

• Less Competition:

  With fewer buyers in the fall market, you're less likely to face bidding wars, giving you more time to make decisions and a better chance to get a favorable offer accepted.

• Motivated Sellers:

  Fall buyers are often more serious and looking to complete a transaction before the end of the year for tax purposes or to settle before the winter holidays.

• End-of-Year Tax Benefits:

  Buyers can take advantage of tax deductions related to property taxes and mortgage interest by completing their purchase before the tax year ends.

• Comfortable Showings:

  The moderate fall temperatures make it more pleasant for buyers to view properties without the fatigue of summer heat or winter cold.

Benefits for Sellers

• Less Competition:

  With fewer homes on the market, your property is more likely to stand out and get noticed by a greater proportion of active buyers.

• More Serious Buyers:

  Fall buyers are often more focused on finding a home and are ready to make decisions quickly, which can lead to a faster and smoother sales process.

• Beautiful Presentation:

  The changing leaves and crisp air create a cozy, inviting atmosphere that can be showcased with thoughtful staging, appealing to potential buyers.

• Motivated to Sell:

  Some sellers may be motivated to sell before the holidays or the year's end, potentially leading to a more cooperative stance on price and terms.

• Convenient Timing:

  Buyers who are relocating or settling into a new job often prefer to move before the harsh winter weather, making fall an ideal time to sell

The #1 Contest by RE/MAX

The #1 Contest Presented By RE/MAX

RE/MAX and Connexus Group are always doing things to give back and support our clients! Are you a basketball fan? How would you like to attend the NBA Draft in Brooklyn New York, as a true VIP?!?! It all goes down June 25/26, 2025, click below to enter!

Experience the excitement of the NBA Draft like never before. RE/MAX is giving you the chance to win a trip for two to the 2025 NBA Draft — where the future of basketball begins. Enter now for your shot at this unforgettable experience. Contest ends June 12, 2025.

Full details and official rules at nbacontest.com/nbadraft2025.

2025 RE/MAX Hallmark® Scholarship Program

RE/MAX Hallmark® is once again offering the Scholarship Program!

I am happy to announce that RE/MAX Hallmark® Group of Companies is offering a Scholarship fund for the children of RE/MAX Hallmark’s past or present clients, who are applying for their first year of post-secondary education. 

This program has been a tremendous success since starting in 2007. We have awarded over $220,000 for post-secondary education to eligible children of Clients and Administrative Staff. 

The program is open for first year students who are attending post-secondary. The funds are to be shared amongst present and past clients of RE/MAX Hallmark® REALTORS® that are selected. 

At RE/MAX Hallmark®, we feel strongly about contributing to the minds of tomorrow and investing in the future of our children.   

Deadline to accept applications for our 2025 Fall Scholarships is April 30th, 2025. Please reach out to anyone from the team to find out more information on how to apply for this amazing opportunity!

We hope to hear from you soon!

Taking Expert Advice to the Next Level with Hockey Star Connor McDavid and RE/MAX Canada

The biggest name in real estate has teamed up with the biggest name in hockey, in its latest iteration of the longstanding “Advice You Need” consumer ad campaign that highlights RE/MAX agents as Canadians’ trusted partner in one of life’s biggest decisions. RE/MAX’s 2025 campaign includes two new spots launching this spring, including one featuring Canadian hockey phenom Connor McDavid, as the brand evolves from the “real estate splaining” concept and moves to a campaign called, “Big Decisions” – continuing to position the agent as the hero providing the right advice when buying/selling a home.

“This year’s campaign plays off an idea that clients are going to appreciate the expert advice they get when working with a RE/MAX agent so much, they may not be able to help themselves from seeking RE/MAX expertise on other major life decisions. RE/MAX agents are the most trusted agents in Canada and the most experienced, and we capitalized on that in our creative showing Canadians the value and advice a RE/MAX agent brings to their home purchase or sale.”

- Anthony Volpini, Executive Director, Marketing at RE/MAX Canada

“We’ve repeatedly seen in research that trust is the most important quality people look for in a real estate agent. We also know that RE/MAX agents are voted the most trusted, year after year. So, with the real estate activity anticipated to pick up again in 2025 we wanted to remind Canadians that they can trust a RE/MAX agent with any and all of their questions – within reason, of course.” says Jeff Collins, Creative Director at Arrivals + Departures.

Ads will run on OOH, digital (TikTok, Meta, Reddit, Google, The Score and more), broadcast TV and Connected TV (streaming), with more than 470 million impressions estimated this spring.

The McDavid campaign will be accompanied by the Play Like A Pro Contest, offering five Ultimate Street Hockey Prize Packs and a grand prize of a hockey stick and gloves signed by McDavid. The contest runs from January 27 through February 23, 2025.

Real estate can be complicated. Whether you’re buying or selling a home, or just looking for a little guidance, your local RE/MAX agent has the advice you need. Click below to find an agent near you.

Connexus Holiday Cheer 2024

Thank you to everyone who came out to our 8th annual Holiday Cheer!

We were able to collect over 200 non-perishable food items which we will be donating to the Food Bank. Thank you for your continued support in the real estate industry.

Here are some photos from the event that you are welcome to download.

Cheers to 2025!

Photobooth Photos

2025 Canadian Housing Market Outlook

National Market Trends

Widespread residential price growth expected in 2025, as interest rate cuts prompt market rebound

Canadians are looking ahead to 2025 with a positive outlook on the housing market, prompted by a series of interest rate cuts in the latter part of 2024. RE/MAX Canada and its network of brokers and agents are expecting a more active market next year, with the national average residential price likely to increase by five per cent, and sales anticipated to rise in 33 out of 37 regions surveyed, with sales increases of up to 25 per cent.

This renewed confidence in the market is notably being felt by first-time homebuyers (seven per cent) according to a Leger surveyed commissioned by RE/MAX Canada as part of the 2025 Housing Market Outlook Report. RE/MAX brokers and agents in 81 per cent of regions surveyed noted that first-time homebuyers were the key demographic anticipated to drive market activity in 2025.

Regional Market Trends

RE/MAX brokers and agents nationwide, were asked to share a year-over-year analysis of their local market between January 1 and October 31 and share their estimated outlook for 2025. Ahead of 2025, it’s anticipated that 44 per cent regions will shift to a sellers' market (Victoria, BC, Greater Vancouver Area, BC, Edmonton, AB, Regina, SK, Sudbury, ON, North Bay, ON, Simcoe County, ON, York Region, ON, Windsor, ON, Thunder Bay, ON, Kenora, On, Fredericton, NB, Saint John, NB, Halifax, NS, Truro & Colchester, NS, and St. John’s Metro, N.L), while 33 per cent regions will shift to balance out (Vancouver Island, BC, Kelowna/Central Okanagan, BC, Winnipeg, MB, Kitchener-Waterloo, ON, Mississauga, ON, Brampton, ON, Durham, ON, Toronto, ON, Ottawa, ON, Sault Ste. Marie, ON, Kingston, ON, and Prince Edward Island), 17 per cent will shift to a buyers' market (Hamilton, ON, Burlington, ON, Peterborough, ON, Kawartha Lakes, ON, Muskoka, ON, and Haliburton, ON), while six per cent will experience mixed market conditions (Calgary, AB and Niagara, ON).

Based on their insights, the majority of the regions surveyed noted that first time homebuyers are one audience group driving the market across the nation, and many are looking for townhomes and small residential properties such as bungalows, while move-up and move-over homebuyers are looking for larger properties with additional space. On the flip side, retirees are seeking to down-size in most regions, with the exception of Calgary who are seeking villas and larger condominiums. Similar, to last year, many homebuyers are still looking for detached homes, as well semi-detached homes with income potential to off-set rising cost of living. These trends are likely to continue heading into 2025, according to RE/MAX brokers across the country.

Toronto Housing Market Outlook

Move-up buyers and investors are expected to drive the bulk of sales activity in 2025, with single-detached houses being most in-demand in the region. 

First-time homebuyers are typically buying condominiums and apartment units in the $450,000 – $750,000 price range. With the costs of homes in the city, first-time buyers are opting to enter the housing market through the condo market as they continue to save the larger down payments needed for other property types. 

Move-up buyers are buying townhomes, semi-detached and detached homes in the $750,000 – $2,000,000 price range. Meanwhile, retirees are downsizing into condo apartments within the $1,000,000 – $2,000,000 price range, and the healthy supply of condos in the Toronto housing market right now provides a variety of options.  

Planned new construction projects are being shelved, with many projects only proceeding if they have already been started. 

Home sellers are feeling more confident heading into 2025 as homebuyers begin to re-enter the market. Reduced interest rates and prices, and loosening of mortgage regulations including the 30-year amortization announcement, will all make it easier for first-time homebuyers to purchase a home in Toronto as housing supply continues to increase. 

Source: Remax.ca

RE/MAX Quest for Excellence Scholarship Program

The RE/MAX Quest for Excellence scholarship program is a cash scholarship that recognizes students for their ongoing community contributions and pursuit of leadership. Through this scholarship program, RE/MAX Canada is pleased to offer 40 scholarships of $1,000 each to students across Canada (except for Quebec).

The 2025 Quest for Excellence program will invite eligible students to write and submit an essay based on one of three key themes: charitable community contribution; the vision for a brighter future; and ensuring Canadians have a safe, secure and affordable place to call “home.”

“At RE/MAX Canada, we understand the importance of supporting the communities where we live and work,” says Christopher Alexander, President, RE/MAX Canada. “Through initiatives like the Quest for Excellence, we aim to not just help students achieve their educational goals, but to also inspire a culture of giving back. These programs serve as a beacon, illuminating future leaders within our communities.”

“The 2025 Quest for Excellence scholarship program is about more than just providing financial assistance; it’s about recognizing students who are dedicated to their communities and driven by a passion for leadership,” says Anthony Volpini, Executive Director, Marketing at RE/MAX Canada. “We look forward to receiving more powerful stories and ideas shared by students who are striving for a better future.”

How To Enter:

To apply for the Quest for Excellence scholarship, eligible students are invited to write and submit an online essay that is a minimum of 500 words in length, answering one of the following questions:

1. What does a “bright future” look like for you?

2. How have you demonstrated leadership or charity within your community to make it a better place?

3. How can we ensure fair and affordable housing for all Canadians?

The 2025 Quest for Excellence scholarship program is open until March 9 2025 11:59PM ET.

Who is Eligible?

To be eligible, entrants must be a Grade 12 student attending high school in Canada in the September 2024 – June 2025 academic year. Entrants must not have previously participated in a commencement ceremony.

Should you have any questions please email: questforexcellence@remax.ca. Do not email your essay, please enter at the link provided above.

One entry per person.

RE/MAX Canada will review the essay submissions and award 40 scholarships, of $1,000 each, to qualifying Grade 12 students.

Read the full rules and regulations here.

*All essay entries become the property of RE/MAX Canada. Photos and names of winners may be published in print or in digital formats and shared with media. Each RE/MAX office is independently owned and operated.

About the RE/MAX Canada Quest for Excellence:

The Quest for Excellence scholarship program is an annual program that started in 2000 in Western Canada. Prior to expanding across Canada, the program awarded $16,000 in scholarships to 16 students in British Columbia, Alberta, Saskatchewan, Manitoba, Yukon Territory and Northwest Territory, in the amount of $1,000 per scholarship. To date, RE/MAX has disbursed $384,000 through the Quest for Excellence scholarship program. For more information, please visit https://blog.remax.ca/quest-for-excellence/

State of the Market

Ravi Singh discusses the current environment of the market including the recent inflation numbers and the recent drop in the Bank of Canada's lending rate. What does this mean for you as a homeowner? potential seller or buyer? or real estate investor? Please tune in and let us know if you have any questions!

Book a call with Ravi here: 

https://calendly.com/ravisinghremax

#theconnexusadvantage

Ravi Singh was name one of the most Interesting People in Real Estate by Inman News in 2016. Award winning Realtor with ReMax Hallmark and team leader at The Connexus Group.

Less Stress Getaway!

You could win $1,500 towards a relaxing getaway

Connexus Group and RE/MAX are always looking to give more to our clients. Whether you’re just finished selling, buying or moving into your place, you deserve an amazing getaway. 20 winners will win a $1500 Expedia gift card and be on their way to some serious relaxation. Best at Giving Back!

August Market Highlights for the GTA

Here’s a ‘highlights’ summary of the significant real estate milestones across the entire Toronto Real Estate Board territory and the City of Toronto specifically for AUGUST 2024 as we slide into the fall real estate market.

• Across the entire TRREB Board, AUGUST sales (4,975) were -5% below last year

• Active Listings (22,653) however were +46% above those in August 2023-highest since 2008

• The ratio of sales-to-listings dropped slightly again during the month to 22% in August – a definitive indication of a buyer’s market

• The August average sale price came in at $1,074,425– a -1% drop from the 2023 average one year ago and the 2nd lowest this year since January

• The GTA real estate market ‘velocity’ slowed more to 28 days-on-market

• Detached home sales in August 2024 with a purchase price over $2,000,000 were up by +1% (276 houses) while condo apartment sales over $2M were up by 9% (12 suites) compared to August 2023

• The CONDO townhouse / highrise share of the overall market was steady at 36% during the month but all condo-type sales (1,793) were the lowest since 2002

• In the City of Toronto only, detached house sales (484) increased by +7% from 2023 while the average detached sale price ($1,692,239) was up +3% compared to a year ago

• In August Toronto semi-detached sales (133) were down by -4% year-over-year while the average semi sale price ($1,204,678) was lower by -3% compared to last year

• Downtown condo active listing numbers were up BIG time again… an increase of +44% in C01 and by +27% in C08 from last year

• August year-over-year downtown condo sales declined in C01 (-22%) and fractionally up in C08 (+4%) compared to 2023

• The downtown condo days-on-market average increased to between 36 & 34 days in both C01 and C08… several days slower than in July

• The August ratio of sales-to-listings for high-rise condos downtown stayed constant in deep buyer market territory in both C01 (14%) and in C08 (16%), caused principally by the large increase in condo suite inventories

• In the 905 districts, August saw average detached and condo apartment home prices decline by around -2% to -1% compared to 2023. Sales numbers were slightly lower (-3% houses / -4% condos) from one year ago

• With 5-year fixed-rate mortgages now available but uncommon at 4.39%, we are still, in my opinion, too high to influence the market very much. If we get the BoC rate down into the 3’s by the end of the year, we might look for a better market next spring

RE/MAX 2024 Fall Housing Market Outlook

Green Shoots Sprout This Fall, Amid Lower Interest Rates and Prospects of More Cuts Ahead

Steady fall market anticipated in majority of regions across Canadian housing market

With the long-anticipated decline in interest rates finally starting to materialize, early indicators from RE/MAX brokers and agents across Canada suggest steady housing market activity this fall, with average sale prices across all housing types expected to increase between one and six per cent in most regions by year’s end. Ahead of the next Bank of Canada (BoC) interest rate announcement on September 4, two in 10 Canadians (16 per cent) said they will feel more comfortable engaging in the real estate market once they see there is more than a 100-basis-point cut to the BoC’s lending rate between now and the end of the year, according to a Leger survey commissioned by RE/MAX.

Consumer Sentiments Going Into the Fall Market

Ahead of further anticipated interest rate cuts by the Bank of Canada, it seems that even the mere prospect of lower rates has boosted confidence among first-time homebuyers, with one-quarter of Canadians (25 per cent) actively saving for a home purchase and confident they will be able to buy soon (with the majority being younger Millennials and Gen Zs aged 18-24, at 35 per cent).

On the flipside, dropping interest rates now may prove too little, too late for some current homeowners, with 14 per cent saying they need to renew their mortgage soon, and with the current higher interest rate, they may need to sell their home.

When it comes to financial savings, the Leger survey revealed that while a home purchase is listed among the top three priorities for 25 per cent of Canadians, it has taken a back seat to day-to-day expenses such as utilities and food (58 per cent), and travel (45 per cent).

In the search for affordability, one-quarter of Canadians say that they are considering moving to another country (28 per cent) and 25 per cent say they are reconsidering whether to have children or start a family due to housing affordability challenges.

Survey Says...

About the RE/MAX Network
As one of the leading global real estate franchisors, RE/MAX, LLC is a subsidiary of RE/MAX Holdings (NYSE: RMAX) with more than 140,000 agents in almost 9,000 offices with a presence in more than 110 countries and territories. RE/MAX Canada refers to RE/MAX of Western Canada (1998), LLC and RE/MAX Ontario-Atlantic Canada, Inc., and RE/MAX Promotions, Inc., each of which are affiliates of RE/MAX, LLC. Nobody in the world sells more real estate than RE/MAX, as measured by residential transaction sides.

RE/MAX was founded in 1973 by Dave and Gail Liniger, with an innovative, entrepreneurial culture affording its agents and franchisees the flexibility to operate their businesses with great independence. RE/MAX agents have lived, worked and served in their local communities for decades, raising millions of dollars every year for Children’s Miracle Network Hospitals® and other charities. To learn more about RE/MAX, to search home listings or find an agent in your community, please visit remax.ca. For the latest news from RE/MAX Canada, please visit blog.remax.ca.

RE/MAX Hot Pocket Communities Report

Experienced buyer & investor bump in key detached housing markets signals watershed moment

Detached home values climb in over 80% of Fraser Valley communities; 70% of Greater Vancouver; and 40% of the GTA’s 905 areas

With first-time buyers locked out of the country’s most expensive housing markets, move-up/down buyers and investors have been fuelling detached home-buying activity in the first six months of 2024 in the Greater Toronto Area (GTA), Greater Vancouver Area (GVA) and Fraser Valley. RE/MAX surveyed 83 communities across the GTA, the GVA and the Fraser Valley, and found that 30 per cent reported an upswing in the number of detached housing sales in the first half of the year (25/83), while close to 40 per cent of markets (33/83) reported an increase in values. Toronto detached homes led the other regions in rebounding sales momentum, with just over 34 per cent of neighbourhoods in the 416 experiencing stability or growth in buying activity — ahead of the 905, Greater Vancouver and Fraser Valley. Meanwhile, detached price appreciation was led by Greater Vancouver and the Fraser Valley, driven by limited inventory levels. Fraser Valley took the lead, with 83.3 per cent (5/6) of local areas noting an upswing in average price, followed by Greater Vancouver, which saw median values increase in 70.6 per cent of neighbourhoods.

Detached Home Sales Swing in Greater Toronto Housing Market

“While affordability remains the top obstacle for first-time homebuyers, more experienced buyers and investors are taking advantage of softer housing values, making their moves ahead of the Bank of Canada’s end to quantitative tightening,” says RE/MAX Canada President Christopher Alexander. “Pent-up demand continues to build, with an estimated 20,000 to 25,000 buyers currently lying in wait in the GTA, and another 5,000 buyers in the Greater Vancouver area ready to pull the trigger. The first interest rate cut in June did little to incentivize buyers, but early indications show the second may have struck a nerve.”

To illustrate, the 10-year average for sales in the Greater Toronto area is just over 92,000 annually. Given the drop to 66,000 sales in 2023, and just over 75,000 homes sold in 2022, the region’s real estate market has seen a shortfall of 43,000 sales during the past two years alone. The same argument can be made for the Greater Vancouver Area, where annual sales have typically averaged over 33,000 during the past decade. Over 26,000 homes sold in 2023, while close to 29,000 homes sold in 2022 – a shortfall of about 11,000 transactions.

“Buying intentions slowed, while new household formation, lifecycle events, immigration and population growth have continued,” says Alexander. “The right conditions will undoubtably unleash demand. Meantime, certain neighbourhoods have proven stronger than others.”

In the Greater Toronto real estate market, pockets that posted notable percentage gains in home-buying activity include Dufferin Grove, Little Portugal, Trinity-Bellwoods, Palmerston-Little Italy, Niagara, University, Kensington-Chinatown, Bay St. Corridor, Waterfront Communities (C01); Oakwood Village, Humewood-Cedarvale, Yonge-Eglinton, Forest Hill South (C03); Rosedale-Moore Park (C09); Leaside, Thorncliffe Park, Flemingdon Park (C11); Rockcliffe-Smythe, Keelesdale-Eglinton West, Caledonia-Fairbank, Corso Italia-Davenport, Weston-Pelham Park (W03).

“Vibrant downtown/midtown communities remain a perennial favourite among purchasers in Toronto, who are vying for detached properties in coveted blue-chip neighbourhoods such as Rosedale-Moore Park, Forest Hill South, the Kingsway, Leaside, and The Beaches, as well as gentrified areas including Trinity-Bellwoods, Palmerston-Little Italy, and Corso Italia-Davenport,” says Alexander.

*Source: https://blog.remax.ca/detached-houses-toronto-vancouver/

June Market Highlights for the GTA

Here’s a ‘highlights’ summary of the significant real estate milestones across the entire Toronto Real Estate Board territory and the City of Toronto specifically for JUNE 2024 as we cruise through our summer real estate market.

• Across the entire TRREB Board, JUNE sales (6,213) were a big -16% below last year

• Active Listings (23,613) however were +67% above those in June 2023-highest since 2010

• The ratio of sales-to-listings dropped again during the month to 26% in June – a definitive indication of a buyer’s market

• The June average sale price came in at $1,162,167– again a -2% drop from the 2023 average one year ago

• The GTA real estate market ‘velocity’ slowed slightly to 20 days-on-market

• Detached home sales in June 2024 with a purchase price over $2,000,000 were down by -18% (461 houses) while condo apartment sales over $2M were flat (20 suites) compared to June 2023

• The CONDO townhouse / highrise share of the overall market declined slightly to 32% during the month and all condo-type sales (2,007) declined by -26% from 2023

• In the City of Toronto only, detached house sales (744) slowed by -8% from 2023 while the average detached sale price ($1,758,649) declined by -1% compared to a year ago

• In June Toronto semi-detached sales (236) were down by -21% year-over-year while the average semi sale price ($1,282,973) declined by -9%

• Downtown condo active listing numbers were up BIG time again… an increase of +77% in C01 and by +89% in C08 from last year

• June year-over-year downtown condo sales declined both in C01 (-28%) and in C08 (-33%) compared to 2023

• The downtown condo days-on-market average stayed relatively steady at between 26 & 25 days in both C01 and C08

• The June ratio of sales-to-listings for high-rise condos downtown slid again this month into deeper buyer market territory in both C01 (14%) and in C08 (12%), caused principally by the large increase in condo suite inventories

• In the 905 districts, June saw average detached and condo apartment home prices decline by around -3% to -4% compared to 2023. Sales numbers were all negative (-12% houses / -26% condos) from one year ago

• I don’t expect the market to make any improvements until later in the fall, and only if there are significant interest rate declines and an uplift to our economy. Sellers are in trouble but buyers, if they can afford it, have a definite advantage right now

May Market Highlights for the GTA

Here’s a ‘highlights’ summary of the significant real estate milestones across the entire Toronto Real Estate Board territory and the City of Toronto specifically for MAY 2024 as we close out our spring real estate market

• Across the entire TRREB Board, MAY sales (7,013) were a huge -22% below last year

• Active Listings (21,720) however were +83% above those in May 2023-highest since 2013

• The ratio of sales-to-listings dropped again during the month to 32% in May – edging further towards a neutral market

• The May average sale price came in at $1,165,691– a -2% drop from the 2023 average one year ago

• The GTA real estate market ‘velocity’ stayed constant at 19 days-on-market

• Detached home sales in May 2024 with a purchase price over $2,000,000 were down by -22% (526 houses) while condo apartment sales over $2M were lower by -37% (24 suites) compared to May 2023

• The CONDO townhouse / highrise share of the overall market was steady at 35% during the month and all condo-type sales (2,467) declined by -25% from 2023

• In the City of Toronto only, detached house sales (851) slowed by -12% from 2023 while the average detached sale price ($1,826,370) declined by -5% compared to a year ago

• In May Toronto semi-detached sales (274) were down by -4% year-over-year while the average semi sale price ($1,416,496) increased marginally by +1%

• Downtown condo active listing numbers were up BIG time again… an increase of +101% in C01 and by +96% in C08 from last year

• May year-over-year downtown condo sales declined both in C01 (-28%) and in C08 (-31%) compared to 2023

• The downtown condo days-on-market average stayed relatively steady at between 25 & 26 days in both C01 and C08

• The May ratio of sales-to-listings for high-rise condos downtown slid again this month into deep buyer market territory in both C01 (17%) and in C08 (17%), caused principally by the large increase in condo suite inventories

• In the 905 districts, May saw average detached and condo apartment home prices decline by around -3% compared to 2023. Sales numbers were all negative (-22% houses / -26% condos) from one year ago

• Although we did have a 0.25% Bank of Canada rate drop this month, I believe it will take a further 0.5% to 0.75% decline before we see stability in the market. Sellers are in a bit of a pickle but buyers, if they can afford it, have a distinct advantage right now

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March Market Highlights for the GTA

Here’s a ‘highlights’ summary of the significant real estate milestones across the entire Toronto Real Estate Board territory and in the City of Toronto specifically for MARCH 2024 as we enter the busiest months of our real estate spring market.

Across the entire TRREB Board, MARCH sales (6,560) were -5% below last year

Active Listings (12,459) however were +23% above those in March 2023

• The ratio of sales-to-listings remained relatively level during the month at 53% in March – staying in a modest sellers market

• The March average sale price came in at $1,121,615– close to the same as the 2023 average and up slightly to +1.2% compared to one year ago

• The GTA real estate market ‘velocity’ increased again to 20 days-on-market

• Detached home sales in March 2024 with a purchase price over $2,000,000 were up by just +1% (418 houses) while condo apartment sales over $2M decreased significantly by -42% (11 suites) compared to March 2023

• The CONDO townhouse / highrise share of the overall market dropped again slightly to 36% during the month and all condo-type sales (2,377) declined by -10% from 2023

• In the City of Toronto only, detached house sales (647) slowed by -3% from 2023 while the average detached sale price ($1,708,437) was identical to a year ago

• However March Toronto semi-detached sales (222) were up by +10% year-over-year while the average semi sale price ($1,300,403) increased by +3%

• Downtown condo active listing numbers were up big time… an increase of 64% in C01 and by 55% in C08 from last year

• March year-over-year downtown condo sales declined both in C01 (-21%) and in C08 (-30%) compared to 2023

• The downtown condo days-on-market average stayed relatively steady at between 31 & 25 days in both C01 and C08

• The March ratio of sales-to-listings for high-rise condos downtown were steady and still in buyer market territory in both C01 (24%) and in C08 (20%), caused principally by the large increase in condo suite inventories

• In the 905 districts, March saw average detached and condo apartment home prices flat compared to 2023. Sales numbers were all negative (-3% houses / -8% condos) from one year ago

• With 5-year fixed mortgages now available in the 4.99% range, the market is showing some resistance to rates in the high 4% range and it might take a Bank of Canada rate cut or two to shake that off

April Market Highlights for the GTA

Here’s a ‘highlights’ summary of the significant real estate milestones across the entire Toronto Real Estate Board territory and in the City of Toronto specifically for APRIL 2024 as we enter the busiest months of our real estate spring market.

• Across the entire TRREB Board, APRIL sales (7,114) were again -5% below last year

• Active Listings (18,088) however were +74% above those in April 2023

• The ratio of sales-to-listings dropped during the month to 39% in April – edging towards a neutral market

• The April average sale price came in at $1,156,167– almost identical to the 2023 average one year ago

• The GTA real estate market ‘velocity’ increased marginally to 19 days-on-market

• Detached home sales in April 2024 with a purchase price over $2,000,000 were up by +4% (512 houses) while condo apartment sales over $2M were identical (23 suites) compared to April 2023

• The CONDO townhouse / highrise share of the overall market stayed steady at 36% during the month and all condo-type sales (2,587) declined by -6% from 2023

• In the City of Toronto only, detached house sales (750) slowed by -2% from 2023 while the average detached sale price ($1,822,244) was up +2% compared to a year ago

• However April Toronto semi-detached sales (240) were up by +3.4% year-over-year while the average semi sale price ($1,365,061) increased by +3%

• Downtown condo active listing numbers were up BIG time again… an increase of 100% in C01 and by 78% in C08 from last year

• April year-over-year downtown condo sales declined both in C01 (-10%) and in C08 (-17%) compared to 2023

• The downtown condo days-on-market average stayed relatively steady at between 31 & 25 days in both C01 and C08

• The April ratio of sales-to-listings for high-rise condos downtown was unchanged and still in buyer market territory in both C01 (22%) and in C08 (20%), caused principally by the large increase in condo suite inventories

• In the 905 districts, April saw average detached and condo apartment home prices flat compared to 2023. Sales numbers were all negative (-9% houses / -1% condos) from one year ago

• It looks like expectations that the BOC will lower rates soon is wrong and buyers are stepping to the sidelines waiting for a positive rate change signal. Alternately, condo buyers might want to take negotiating advantage of high inventories and purchase at a discounted price

February Market Highlights for the GTA

Here’s a ‘highlights’ summary of the significant real estate milestones across the entire Toronto Real Estate Board territory and in the City of Toronto specifically for FEBRUARY 2024 as we slide towards the spring market.

• Across the entire TRREB Board, FEBRUARY sales (5,607) were +18% above last year

• Active Listings (11,102) however were +15% above those in February 2023

• The ratio of sales-to-listings rose once again during the month to 51% in February – venturing into a modest sellers market

• The February average sale price came in at $1,108,720– slightly above the 2023 average and +1% compared to one year ago

• The GTA real estate market ‘velocity’ sped up somewhat to 25 days-on-market

• Detached home sales in February 2024 with a purchase price over $2,000,000 were up by +13% (326 houses) while condo apartment sales over $2M decreased by -13% (13 suites) compared to February 2023

• The CONDO townhouse / highrise share of the overall market dropped slightly to 37% during the month and all condo-type sales (2,048) jumped by +13% from 2023

• In the City of Toronto only, detached house sales (568) increased by +18% from 2023 while the average detached sale price ($1,657,026) was lower by -3% from a year ago

• Similarly, February Toronto semi-detached sales (181) were up by +26% year-over-year while the average semi sale price ($1,319,884) increased by +3%

• Downtown condo active listing numbers were up big time… an increase of 38% in C01 and by 41% in C08 from last year

• February year-over-year downtown condo sales increased in C01 (+6%) and were up in C08 (+1%) compared to 2023

• The downtown condo days-on-market average stayed relatively steady at between 31 & 35 days in both C01 and C08

• The February ratio of sales-to-listings for high-rise condos downtown moved up although still in buyer market territory in both C01 (25%) and in C08 (23%), defined mainly by the large increase in condo suite inventories

• In the 905 districts, February saw average detached home prices up by 2% compared to 2023 while condo apartment prices in the 905 districts were lower by -3% compared to last year.  Sales numbers were all positive (+22% houses / +14% condos) from one year ago

• With 5-year fixed mortgages now available in the 5.09% range, the market might be recognizing that rates in the 4-5% range might be the new normal and they’re unlikely to change much in the next 6-12 months

January Market Highlights for the GTA

Here’s a ‘highlights’ summary of the significant real estate milestones across the entire Toronto Real Estate Board territory and in the City of Toronto specifically for JANUARY 2024 as we start off the new year.

• Across the entire TRREB Board, JANUARY sales (4,223) were +37% above last year and were almost average for the month

ü Active Listings (10,3093) however were +9% above those in January 2023

• The ratio of sales-to-listings was up slightly again at 42% in January – a modest start towards a busier market

• The January average sale price came in at $1,026,703– slightly below the 2023 average and -1% compared to one year ago

• The GTA real estate market ‘velocity’ overall slowed even more to 37 days-on-market

• Detached home sales in January 2024 with a purchase price over $2,000,000 were up by +18% (175 houses) while condo apartment sales over $2M increased by +9% (12 suites) compared to January 2023

• The CONDO townhouse / highrise share of the overall market was up slightly to 39% during the month and all condo-type sales (1,658) jumped by +75% from 2023

• In the City of Toronto only, detached house sales (342) increased by +7.5% from 2023 while the average detached sale price ($1,570,520) was up +5.7% from a year ago

• Similarly, January Toronto semi-detached sales (106) were up by +26% year-over-year while the average semi sale price ($1,199,531) increased by +4%

• Downtown condo active listing numbers were up big time… an increase of 24% in C01 and by 40% in C08 from last year

• January year-over-year downtown condo sales increased in C01 (+32%) and were up in C08 (+159%) compared to 2023

• The downtown condo days-on-market average slowed again to between 38 & 45 days in both C01 and C08

• The January ratio of sales-to-listings for high-rise condos downtown moved up although still in buyer market territory in both C01 (24%) and in C08 (26%), defined mainly by the huge increase in condo suite inventories

• In the 905 districts, January saw average detached home prices basically flat compared to 2023 while condo apartment prices in the 905 districts were lower by -3% compared to last year.  Sales here showed contrasts (+33% houses / +31% condos) from one year ago

• With 5-year fixed mortgages now available in the 5.09% range, the market might be recognizing that rates in the 4-5% range might be the new normal

Taxes & Canadian Real Estate

High housing values, interest rates and taxes contributing to post-pandemic exodus from Canada's most expensive provinces.

While land transfer taxes and new property assessments in key markets appear to have little effect on the surface, eroding affordability levels are slowly shifting migration patterns and changing the landscape in major Canadian centres.
While land transfer taxes and new property assessments in key markets appear to have little effect on the surface, eroding affordability levels are slowly shifting migration patterns and changing the landscape in major Canadian centres.

LAND TRANSFER TAX BASED ON AVERAGE PRICE IN MAJOR CANADIAN URBAN CENTRES (2024)

In an analysis of six major housing markets including Vancouver, Calgary, Winnipeg, Toronto, Montreal and Halifax, RE/MAX found governments at all levels are collecting billions from Canadian homebuyers through levies and development fees on new construction, as well as land transfer and property taxes on residential properties. Tax rate increases, in tandem with record-high housing values and mortgage rates, have sparked a post-pandemic exodus from the country’s most expensive markets, contributing to a significant uptick in interprovincial migration numbers in Alberta and Atlantic Canada in 2023. While some homebuyers were content to move outside of core markets within their province, close to 60,000 Canadians found their answer to the current housing crisis in Alberta and, to a lesser extent, Nova Scotia, New Brunswick and Prince Edward Island. According to Statistics Canada’s Quarterly Demographic Estimates, Provinces and Territories Interactive Map, interprovincial migration doubled over already-strong year-ago levels in the first three quarters of 2023 in Alberta, with the province welcoming 45,194 people, compared to 22,278 during the same period in 2022.

Regressive tax policies are a reason for the changing migration patterns. Land transfer taxes were introduced across Canada in the 1970s as a method of generating revenue for municipalities, regardless of income. The highest land transfer taxes are found in Toronto, where buyers pay a municipal land transfer tax as well as a provincial tax. On January 1, 2024, Toronto upped the ante, introducing a luxury tax on home sales over $3 million. While the existing municipal land transfer tax (MLTT) essentially remains the same under $3 million, homebuyers that cross the threshold will find a sliding scale of taxes that range from 3.5 per cent on sales over $3 million to 7.5 per cent on sales over $20 million. On an average-priced home in the city, buyers can expect to pay close to $40,000 in taxes.

“When you think about what a $40,000 tax bill payable upon closing could do if it was applied to a down payment, it’s clearly time to incentivize the first domino,” says Alexander. “The first order of business should be revisiting the first-time buyer rebate/exemption in Toronto and Vancouver, because at $400,000 and $500,000-$525,000 respectively, they’re woefully inadequate given the average or benchmark price of properties in those cities.”

Young Canadians in particular are being impacted by taxes and this is having an impact on their home-buying decisions. A recent RE/MAX survey revealed that 40 per cent of Gen Z and 35 per cent of Millennials agree that the land transfer tax has played a role in their pursuit of home ownership, compared to 26 per cent of Gen X and 21 per cent of Baby Boomers.* As a result, there is a growing wave of younger people who are choosing to leave major centres and provinces to attain home ownership. Not surprisingly, some of the fastest-growing municipalities are inside or close to urban areas, according to Statistics Canada 2021 Census.

For example, East Gwillimbury in the Greater Toronto Area experienced the greatest increase in population between 2016 and 2021 with a 44.4-per-cent uptick; Langford, outside of Victoria, BC, and Southern Gulf Islands just outside Vancouver, were up 31.8 and 28.9 per cent respectively; Niverville, on the outskirts of Winnipeg was up 29 per cent; Carignan just outside Montreal was up 24.1 per cent; while Wolfville, Nova Scotia was up 20.5 per cent. New and proposed property tax reassessments are also creating confusion in markets across the country, including Toronto, Montreal and Halifax, with some properties assessed above recent sale prices. The Province of Ontario has yet again postponed its reassessment. With the Municipal Property Assessment Corporation (MPAC) still operating at levels assessed in 2016, new assessments in the province for the years 2023 and 2024 will likely be significantly higher when distributed.

The burden is even higher on new home construction within Canada’s most expensive markets. In Toronto, for example, taxes, levies and development fees on new condominiums – the first step to home ownership for many Canadians – is estimated to account for approximately 25 to 30 per cent of the overall purchase price. On a unit priced at $717,000, the average price for a condominium in Toronto at year-end, that accounts for roughly $180,000 to $215,000 paid by the purchaser. New low-rise housing is no exception. Based on a study by Altus Group, the Building Industry and Land Development Association (BILD) found that government fees, taxes and charges added $222,000 to the cost of an average, new single-family home in the Greater Toronto Area (GTA) in 2019 – three times higher than in major U.S. markets such as San Francisco, Miami, Boston, New York City, Chicago, and Houston.

Rising tax levels and quality of life have become a growing concern in cities throughout North America as well. Driven by domestic out-migration, more than 600,000 people left New York State for Florida, Texas, and other low-tax states in 2020 and 2023, according to US Census Data. Internal Revenue Services (IRS) data show the state lost an estimated $45 billion in taxable income between 2020 and 2023. Florida, on the other hand, welcomed more than 700,000 people during the same period, as the state’s favourable tax structure proved irresistible to buyers. “Clearly, public policy is contributing to a myriad of issues – with affordability front and centre – and there’s no relief in sight,” says Alexander. “Shelter is a basic human need, yet accessibility is becoming increasingly problematic as government reliance on the housing sector as a means of funding creates a greater divide. Affordability and opportunity are key to healthy and sustainable real estate market activity and a vibrant economy. As such, the potential economic impact of ongoing out-migration on the future of individual provinces should raise alarm bells.”

GREATER TORONTO AREA

After a flurry of home-buying activity at luxury price points in the final quarter of 2023 in Toronto Proper due to upcoming changes to the city’s 2024 land transfer taxes, the housing market has slowed in the Greater Toronto Area. Sales are currently trending on par or slightly ahead of year-ago levels, with economic concerns and high interest rates leaving many buyers sitting on the sidelines. While the Bank of Canada (BOC) held firm on rates in January for the fourth consecutive time since its July 2023 rate hike, inflation remains high, placing the BOC in a challenging position. That said, there are signs that quantitative tightening is drawing to a close and some economists predict rates will start coming down by mid-year. With the promise of lower rates on the horizon, the spring market is expected to be active, with trade-up buyers leading the charge, cashing in on equity gains realized over the past decade. Unlike years prior, this spring market will be characterized by a greater selection of homes available for sale and less competition in the marketplace.

*Leger online survey of 1,517 Canadians aged 18+ was completed between July 21 and 23, 2023, using Leger’s online panel. Leger’s online panel has approximately 400,000 members nationally and has a retention rate of 90 per cent. A probability sample of the same size would yield a margin of error of +/- 2.5 per cent, 19 times out of 20. 

**This report includes data and insights about Canadian housing markets supplied by RE/MAX brokerages and sourced from the Canadian Real Estate Association and local real estate boards. RE/MAX brokers and agents are surveyed on market activity and local developments. Each RE/MAX office is independently owned and operated.

Inflation Rates

Have we raised interest rates too much? Here's the thing... increasing interest rates has been a tactic to manage inflation. But we are calculating inflation inclusive of mortgage payments and rent. Once we remove those housing costs from the inflation numbers... we are at our benchmark inflation target of 2%.  The Bank of Canada is aware of this. In this video I highlight what this means for next steps in Canadian Housing Market. 

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