Rising Inventory Puts GTA Buyers in Driver’s Seat, Contrasting National Trends

While national home sales and prices dipped in April, the Greater Toronto Area (GTA) is experiencing its own set of challenges in the housing market. The GTA saw a 3% drop in sales on a month-over-month basis, in contrast to the 5% gain observed in the Greater Vancouver Area (GVA).

Real estate agents in the GTA are noticing three distinct price segments: the entry-level around $1 million, which is still seeing brisk sales; the high-end luxury market, where properties are trading hands; and the middle segment, which is experiencing a slowdown. Rising inventory in the GTA is allowing buyers to be more selective, with many properties sitting on the market for longer periods.

Patrick Rocca, a broker with Bosley Real Estate, highlighted the shift in the Toronto market and told the Globe and Mail that buyers are no longer under pressure to make quick decisions. He noted that in the midtown Leaside and Davisville area, only three out of 26 listings in mid-May had asking prices under $2 million, with many properties in the $3-6 million range remaining unsold.

Realtor Robert Marsiglio also noted that GTA inventory made one of the biggest jumps year-to-date in the past week.

With sales activity marking the longest slow-down since the year started.

The GTA’s housing market dynamics differ from other provinces, particularly in the middle price range. Buyers in this segment often rely on a combination of financing and capital gains from their current properties, making the timing of transactions crucial. These buyers are likely to remain cautious if their current housing situation is adequate.

Also read: The Ballooning Toronto Condo Problem


Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

A Gold District Hidden In Plain Sight!? | Michael Bennett – Altamira Gold

200 Grams of Gold And 21% Copper — That’s Not Normal | Matt Wilson – Sterling Metals

Silver at $100? This Time It Might Stay There. | David Morgan

Recommended

Steadright Enters MOU To Acquire Historic Goundafa Polymetallic Mine In Morocco

Military Seizes Power in Madagascar After President Flees

Related News

Oh Deer! Housing in the Headlights

It’s handy to imagine the housing market as a living organism. Various active systems perform...

Saturday, November 5, 2022, 09:00:00 AM

Private Lenders Serve Borrowers Power of Sale Notices as Interest Rates Bite, Home Values Plummet

Private mortgage lenders in the GTA are beginning to feel the heat of rising interest...

Wednesday, January 18, 2023, 06:13:00 AM

Housing Market Chill: Speculators That Piled Into Pre-Construction Contracts Face Steep Losses

Canada’s de-facto futures housing market is backfiring for investors looking to make a profit on...

Tuesday, December 20, 2022, 07:21:00 AM

GTA New Home Sales Hit Record Low as Prices Continue to Slide

The Greater Toronto Area’s new home market sees sales reach new record lows with prices...

Friday, June 28, 2024, 11:41:00 AM

Rapid Pace of Rent Increases in the U.S. Seems to Argue for Aggressive Action by the Fed

The stock market is facing two main obstacles: 1) the global economic impact of the...

Tuesday, February 22, 2022, 03:41:00 PM