Canada’s real estate market may see a rebound in 2025, according to Bay Street forecasts, but buyers in the Toronto area are not yet showing much enthusiasm. While some properties changed hands in December, with some facing competitive bidding, the overall reaction to new mortgage rules and a Bank of Canada interest rate cut has been muted, real estate agents say.
Douglas Porter, chief economist with the Bank of Montreal, predicts 2025 will mark the end of three years of flat to declining home prices. Following a long pause, Mr. Porter notes that home sales are showing signs of life in response to aggressive Bank of Canada rate cuts, while new listings have slowed down. ‘Like night follows day, this tighter market points to a rebound in prices next year, even without the heavy-duty support of strong population growth,’ Mr. Porter says in a note to clients. Mr. Porter adds that, even with recovering prices, affordability could continue to improve as the intense pressure from population growth eases and short-term borrowing costs fall further, but forecasting that outcome would be a stretch. The average price also remained essentially flat at $1,067,186. Patrick Rocca, broker with Bosley Real Estate, noticed a few deals taking place as some sellers decided to list properties following a sudden spurt of sales in November. Mr. Rocca considered it a bold move when one agent listed a home in the Davisville neighbourhood with an ‘aggressive’ asking price of $1.1-million in late November. The gambit paid off when the house sold for $1.51-million in a bidding contest in early December, he says. Improving sales numbers in November – followed by the Bank of Canada’s decision in early December to cut its benchmark lending rate by 50 basis points to 3
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Canada’s Mortgage Changes Could Shift Toronto’s Real Estate Market in 2025Experts predict potential shifts in the Greater Toronto Area's real estate market in 2025 due to recent interest rate cuts and changes to mortgage rules.
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