Mortgages
GATEIO RECUPERAR TOTP
Over the past few years, the prospect of buying a home in the GTA seemed impossible for many, with price tags in the millions and intimidating borrowing rates.
That being said, there’s a new sense of ease in the GTA housing market right now as borrowing rates have lowered. For context, last October the Bank of Canada interest rate was 5% and in October 2024 it fell to 3.75%.
According to the Toronto Regional Real Estate Board (TRREB), Greater Toronto Area (GTA) home sales saw a strong increase in year-over-year sales this October. Over the same period, new listings were up, but by a lesser annual rate, and the average selling price was up slightly on an annual basis.
“While we are still early in the Bank of Canada’s rate cutting cycle, it definitely does appear that an increasing number of buyers moved off the sidelines and back into the marketplace in October. The positive affordability picture brought about by lower borrowing costs and relatively flat home prices, prompted this improvement in market activity,” TRREB president Jennifer Pearce said in a statement.
