Goooooooddd Moooorrrrning! This is the first Toronto real estate newsletter that’s shaking off the condo freeze faster than Taylor Swift wrapped up her Eras Tour in Toronto. From new home sales finally showing signs of life to the mortgage renewal crunch that’s about to hit hard and a hot debate over tenant credit reporting—it’s a chart-topping week for real estate news.
So, grab your coffee, buckle up, and let’s dive into the headlines!
Here’s what we got for you today:
🥶 New Home Sales Are Frozen, But a Comeback Is Brewing!
🚨 2025 Mortgage Renewals Are Coming—And They’re a Doozy!
🤝 Ontario’s Tenant Credit Plan: Win for Landlords or Trouble Brewing?
Toronto
Overall
Inventory
9,343 (2.43%)
Sold
248 (1.59%)
Toronto
Detached
Inventory
2,146 (5.50%)
Sold
87 (6.10%)
Toronto
Condos
Inventory
5,809 (1.27%)
Sold
105 (13.93%)
Stats as of 9:30am EST November 25, 2024. Compared week over week.
New Home Sales Are Frozen, But a Comeback Is Brewing!
Okay, so here’s the tea: Toronto’s new home market was basically a popsicle in October—condo sales tanked 91% below the 10-year average, and single-family homes weren’t much better at 45% below average. Ouch. Builders are stuck battling high costs and weak buyer demand, which means supply could get tight (and pricey) by 2027.
But there’s hope! With rate cuts already heating up the resale market, experts say we could see new home buyers jumping back in next year.
What This Means for You:
Sellers: Get ready to list in early 2025—it could be your golden moment.
Buyers: Scope out pre-construction deals now while competition’s still snoozing.
For more in-depth analysis, check out the following article 👇
2025 Mortgage Renewals Are Coming—And They’re a Doozy!
Heads up, folks: Over 60% of mortgages are up for renewal in 2025, and spoiler alert—it’s gonna sting. Homeowners renewing those dreamy low 2021 rates could see payments jump 18-26%. Yikes! Add in a weak Canadian dollar making everything from groceries to iPhones pricier, and 2025 is shaping up to be a challenging year for affordability.
But there’s good news: Canadians are proving resilient, and the stress test is doing its job. Still, now’s the time to step in and save the day for your clients.
Your Move:
Be their renewal guru: Share creative solutions like refinancing or stretching out amortizations.
Start the conversation early—your clients will thank you later.
For more in-depth analysis, check out the following video 👇
Ontario’s Tenant Credit Plan: Win for Landlords or Trouble Brewing?
This one’s spicy: Ontario is floating the idea of sharing Landlord and Tenant Board (LTB) orders with credit bureaus to help landlords screen tenants. Great news for landlords dealing with rent arrears, but tenant advocates say it’s a privacy nightmare and could hit low-income renters the hardest.
Why It’s a Big Deal:
Landlords can finally weed out serial non-payers.
But incomplete LTB data could create headaches for renters who bounce back after arrears.
How You Can Use This:
Keep your landlord clients in the loop—they’ll love you for it.
Use this to connect with landlords navigating the rental market (a.k.a. your future clients).
For more in-depth analysis, check out the following article 👇
👇 Get the full breakdown of our Toronto inventory statistics 👇
*Updated every week
