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

Tudor Gold x American Creek: Consolidating A Massive Gold Project

Aura Minerals: The Era Dorada Underground PEA

Gold Is Now Smart Money’s End Game | Doug Casey

Recommended

Goliath Resources Closes Out Funding Round With Total Gross Proceeds Of $27.1 Million

Silver47 Kickstarts 4,000 Metre Drill Campaign At Red Mountain Project

Related News

Canada’s Housing Market Outlook: Prices to Match 2022 Peaks, Reach New Highs by 2026

The Canada Mortgage and Housing Corporation (CMHC) has released its latest housing market outlook, predicting...

Friday, April 5, 2024, 10:49:00 AM

‘Oracle of Wall Street’ Foresees Housing Plunge Because Men Are Moving Back in with Their Parents

Meredith Whitney, the former Wall Street analyst who famously predicted the 2008 financial crisis, has...

Friday, April 19, 2024, 11:32:00 AM

CREA Cuts Housing Market Forecast Amid Increased Supply Levels

The Canadian Real Estate Association (CREA) has revised its housing market forecast for 2024, citing...

Sunday, July 14, 2024, 09:26:00 AM

“Steer Clear Of The Loonie”: David Rosenberg Projects Canadian Economy “Headed For Trouble”

The cooldown from the overheating housing market could negatively impact the Canadian economy, believed to...

Wednesday, August 10, 2022, 02:23:00 PM

Ontario House Listings Up in Most Categories, Housing Starts Continue to Fall

The Canadian housing market saw a slowdown in housing starts and residential home sales in...

Tuesday, May 21, 2024, 02:58:00 PM