Here’s my 2024 Toronto Real Estate Market Predictions! Keep in mind these are just my thoughts and not financial advice. I would love to hear your predictions as well.
Prediction #1: Interest Rates will decreases 3 times in 2024
One of the key factors shaping the real estate landscape is interest rates. In 2024, I anticipate a modest decrease, possibly three times throughout the year. While I don’t foresee a significant drop, a 0.75% decrease could occur, starting in the middle of 2024.
Prediction #2: Sales Surge A Positive Outlook
Building on the foundation of 2023, which saw a much lower-than-average 65,000 sales. Based on one of the slowest sales years of all time for Toronto real estate, we should pass 65,000 sales in 2024.
Prediction #3: First-Time Buyers Take Center Stage
The combination of rising rental costs and extended inventory for condos presents a unique opportunity for those looking to make their first purchase into the real estate market. There could also be great opportunity for step up buyers in this market.
Prediction #4: Impact of New Rules Minimal Effect on Affordability
Despite the introduction of various rules, such as the foreign buyer ban, new land transfer taxes on properties over $3 million, and potential Airbnb regulations, a 3% vacancy tax from 1% and the seller’s choice for open bidding, I don’t expect these to play a significant role in enhancing affordability or increasing property availability in 2024.
Prediction #5: Price Growth — A Return to Stability
I predict a return to normal increase in the Toronto Real Estate market — 6.78% year over year. This forecast is contingent on the interplay between pricing and interest rates; if rates remain steady or decrease, we may witness an uptick in prices by the end of the year.
Bonus: Not the year for the Leafs
While I would love to see the Leafs clinch the cup, I’m maintaining a realistic outlook. Let’s hope they prove me wrong as it’s amazing for Toronto! I encourage you to share your thoughts and predictions in the comments.
Wishing you all the best in 2024!
Prediction #1: Interest Rates will decreases 3 times in 2024
One of the key factors shaping the real estate landscape is interest rates. In 2024, I anticipate a modest decrease, possibly three times throughout the year. While I don’t foresee a significant drop, a 0.75% decrease could occur, starting in the middle of 2024.
Prediction #2: Sales Surge A Positive Outlook
Building on the foundation of 2023, which saw a much lower-than-average 65,000 sales. Based on one of the slowest sales years of all time for Toronto real estate, we should pass 65,000 sales in 2024.
Prediction #3: First-Time Buyers Take Center Stage
The combination of rising rental costs and extended inventory for condos presents a unique opportunity for those looking to make their first purchase into the real estate market. There could also be great opportunity for step up buyers in this market.
Prediction #4: Impact of New Rules Minimal Effect on Affordability
Despite the introduction of various rules, such as the foreign buyer ban, new land transfer taxes on properties over $3 million, and potential Airbnb regulations, a 3% vacancy tax from 1% and the seller’s choice for open bidding, I don’t expect these to play a significant role in enhancing affordability or increasing property availability in 2024.
Prediction #5: Price Growth — A Return to Stability
I predict a return to normal increase in the Toronto Real Estate market — 6.78% year over year. This forecast is contingent on the interplay between pricing and interest rates; if rates remain steady or decrease, we may witness an uptick in prices by the end of the year.
Bonus: Not the year for the Leafs
While I would love to see the Leafs clinch the cup, I’m maintaining a realistic outlook. Let’s hope they prove me wrong as it’s amazing for Toronto! I encourage you to share your thoughts and predictions in the comments.
Wishing you all the best in 2024!
