This year could be the year Toronto takes the crown for the most expensive real estate market in the country. The average price of a Vancouver home across all property types in November was $1,172,100, which was down 0.9 per cent year-over-year. The average price of a Toronto home across all property types reached $1,106,050 in November after a modest 2.6 per cent increase year-over-year. Cameron Forbes, the general manager and Chief Operating Officer of REMAX Realtron Reality Inc.
, said he believes Vancouver will reign supreme in the foreseeable future. 'Land is becoming more expensive and that's fundamentally one of the major costs to new construction and adding supply to the market. Vancouver is more restrained,' he said. 'They've got the ocean, they've got the mountains, they've got the Fraser. So they're even more restrained. I think their prices, generally speaking, will be higher than Toronto prices, all things being equal.' Soper said 2025 will see an increase in sales volumes across all segments of Toronto’s housing market, including condos, townhouses, semi-detached homes, and detached residences. Toronto’s condo market is the one property type that the real estate brokerage says will not see a recovery in prices this year. 'By the end of the year, prices will be essentially the same. We’re saying they’ll be one per cent lower than they were in 2024.' Detached homes, he said, will be most in demand in 2025, and will likely see price growth of about six per cent. New mortgage rules introduced by the federal government are expected to spark more demand in the housing market. The changes, which came into effect in mid-December, include a higher price cap for insured mortgages. The price cap moved to $1.5 million from $1 million, allowing buyers to qualify for a higher mortgage with less than a 20 per cent down payment. 'The reality for the condo market is there is even more supply in that market and there are a lot of new condos coming online that have been newly constructed,' Forbes said. Soper said he suspects transactions will begin to pick up in late January and February ahead of what is typically a busy spring market. 'Typically it’s not until March that we see things really up in the condominium market, I would expect that’s pushed out to at least the normal spring time frame, maybe even a little later. 'We’ve been trained to think that large assets like a home that cost half a million dollars or a million dollars should sell in a week… If you go back in time before we had a housing supply crisis in Canada, there was an approximately an equal number of buyers and sellers in market so when you put your home up for sale, you could expect it to take three months,' Soper said. 'Don’t get too worried if you don’t have a firm offer in a month or even two months. It takes time in normal economic times to sell a big asset like a home.
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