Welcome to our real estate market insight in the GTA for October 2024.
The federal government’s new immigration target of 395,000 permanent residents for 2025—a 20% cut—aims to ease housing pressures, with population growth expected to stabilize by 2027, reducing the housing supply gap by 670,000 units.
Toronto’s draft renoviction bylaw, set to take effect in July, requires landlords to apply for a $700 renovation license and provide alternative housing or compensation for tenants affected by evictions.
The GTA recorded 6,658 home sales in October, a 44% increase from last year. The average home price rose by 1.1% to $1.14 million. Increased buyer activity reflects lower borrowing costs, though limited inventory could drive prices higher by spring 2025.
Commentaires