GTA Luxury Market Update: Fall 2024
For Buyers:
- Opportunity for Luxury Homebuyers: If you’ve been waiting for the right moment to buy in Toronto’s competitive market, now might be the time! With luxury condo prices stabilizing, there’s less competition, making it a great opportunity for savvy buyers to negotiate.
- Interest Rates Dropping: Declining mortgage rates are a big bonus for homebuyers, even in the luxury sector. While those purchasing homes over $4 million often rely on cash, lower rates can boost confidence and make luxury home purchases more attractive.
- Increased Inventory: With more properties available, particularly condos, you have more choices and potentially more room for negotiation. This isn’t the frenzied market we’ve seen in past years.
For Sellers:
- Luxury Homes Holding Strong: If you’re selling a single-family home in the GTA priced over $4 million, the market remains resilient, with a 9% rise in sales this September compared to last year. While there’s more inventory in the condo market, demand for high-end houses continues.
- Stable Prices in Key Sectors: While the $1 million-plus market saw a small dip over the summer, fall trends look balanced. September showed a 2% rise in sales for homes over $1 million, indicating steady demand.
The Takeaway:
Toronto’s real estate market is shifting toward favourable conditions for buyers—particularly in the luxury condo sector—while high-end single-family homes continue to perform well for sellers. Whether you’re looking to buy or sell, take advantage of these trends before the market heats up again.
Thinking about buying or selling a luxury property? Contact Richard Silver, Jim Burtnick, Celia Alves, Erin Haas, or Bill Johnston for personalized advice. Check out available listings at Torontoism.com today!
