Will the Rate Cut Save the Toronto Housing Market?

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June 2024 Toronto Real Estate Market Update: Impact of Rate Cuts
We're halfway through 2024, and the real estate market has faced a challenging first half. According to the latest market watch report for May, things are looking even tougher. Today, we'll dive into the data to see just how bad it is.
The biggest news this week? The Bank of Canada’s rate cut. Did it come just in time to turn the market around? Can we expect a different picture for the second half of the year? Let's discuss all of that in today's video.
Highlights:
• Market Comparison: How do May 2024 and May 2023 stack up?
• Sales down by 21.7%
• New listings up by 21.1%
• Average price down by only 2.5%
• Rate Cut Impact: The Bank of Canada has cut the policy rate from 5% to 4.75%, signaling further cuts ahead. Will this boost the market?
• Psychological Shift: Why the first rate cut might mark the market bottom and bring buyers back.
• Segmented Recovery: Not all market segments will recover at the same speed. Discover which housing types and areas are leading the recovery.
Detailed Analysis:
• 905 Area (Suburbs): Sales and prices for detached homes, semi-detached homes, townhouses, and condos.
• 416 Area (Toronto): Positive trends in low-rise homes. Detached and semi-detached sales are up 14% from April to May.
The market recovery is expected to be slow and steady, with a return to the 2023 peak predicted by spring 2025. End-users will drive this recovery, while investors remain cautious.
Timestamps:
00:00 The Big News This Week
00:40 Market Watch Report: May 2024 vs May 2023
01:20 The Rate Cut Impact
03:48 The Market Trend: May 2024 vs April 2024
Coming Up Next Week:
Exclusive insider news on developer plans and pre-construction market recovery. Make sure to subscribe and hit the bell for the latest updates!

Опубликовано:

29 июн 2024

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Комментарии : 29

@thirdcoolest 20 дней назад

Your stats are misleading. Month over month doesn't mean anything as the market tends to follow a similar pattern every year. Active listings are up 70% and sales are down 15% across Canada YoY.

@zomgoose 20 дней назад

How does the recession affect the recovery? Per capita GDP is declining and unemployment is rising. What if the cut is too early and stagflation continues?

@parkerbohnn 15 дней назад

Unemployment is rising because too many immigrants are being taken into Canada. The real unemployment is at a 50 year low in Canada like in America. Canada is looking at a wage price spiral and runaway inflation due to cutting the Bank of Canada rate when it should be increased. Wages increases coming in at 5.1 percent and that figure will only rise.

@parkerbohnn 15 дней назад

Prices are soft because of the new capital gains tax that starts June 25th. Prices will rise after June 25. It's that simple.

@Readmoicommento 20 дней назад

This isn’t the bottom. Sellers would like it to be. The bubble will burst!

@Relaxlifeisshort2 20 дней назад

Another renter

@Readmoicommento 19 дней назад

@@Relaxlifeisshort2 Yes. Relax life is too short to carry an oversized mortgage.

@Relaxlifeisshort2 19 дней назад

No my 3 homes that are paid So good luck paying rent If you need rental let me know …oh sorry they are all taken no vacancy. And i am not lying the reason i made the orginal comment is because its people like you who are jeolus and to afraid to get int he market and are always hoping it will crash and never does and that pisses them off Anyway good luck

@Readmoicommento 19 дней назад

@@Relaxlifeisshort2 Thanks for the offer. I was taught not to take candies from strangers. Specially the old ones lol

@bigblammo 19 дней назад

@@Relaxlifeisshort2 LOL! you realize it's impossible to maintain this price if people aren't entering the market, right? Better take profit while you can, economics clearly isn't your strong suit.