Goooooooddd Moooorrrrning! This is the first Toronto real estate newsletter that's more exciting than the Jake Paul vs. Mike Tyson fight… truly not that hard to beat. While that bout left us all wanting more, we've got the real action with a 44% pick up in sales, the brewing mortgage renewal crisis in 2025, and CMHC's new mortgage rules shaking up the market.
So grab your coffee, buckle up, and let's dive into the headlines.
Here’s what we got for you today:
📈 Toronto Sales Numbers Are Up… But Don’t Call It a Comeback Yet!
🚨 Renewal Crisis 2025: Painful Payments Ahead
🏦 Big Borrowing News: CMHC Raises Insured Mortgage Limit to $1.5M!
Toronto
Overall
Inventory
9,576 (2.24%)
Sold
252 (8.70%)
Toronto
Detached
Inventory
2,271 (3.69%)
Sold
82 (24.77%)
Toronto
Condos
Inventory
5,884 (2.00%)
Sold
122 (1.67%)
Stats as of 9:30am EST November 18, 2024. Compared week over week.
Toronto Sales Numbers Are Up… But Don’t Call It a Comeback Yet!
Alright, here’s the deal: October 2024 sales are up 44.4% compared to last year. Sounds impressive, right? Well, pump the brakes—October 2023 was one of the worst months in recent memory, so this jump is more like going from “awful” to “okay.”
Prices? Still sluggish, with only a 1.4% increase. The big culprit? Inventory. We’ve got 4,000 more listings on the market compared to this time last year, and it’s keeping prices in check.
The Move:
Sellers, consider listing in January or February when inventory dips—it might just mean more $$$ in your pocket.
Buyers, now’s the time to make a move before demand heats up early next year.
For more in-depth analysis, check out the following video 👇
Renewal Crisis 2025: Painful Payments Ahead
Let’s talk renewals, because things are about to get real. Over 60% of Canadian mortgages will come up for renewal in 2025, and homeowners who locked in those sweet, low 2021 rates are in for a shock. Payments are expected to jump anywhere from 18-26%.
Here’s the silver lining: The stress test is actually working. Despite the rate hikes, most Canadians are still managing their payments—proof that we’re a resilient bunch.
Key Takeaway:
Be ready to guide clients through the renewal process. Helping them find creative solutions (like refinancing or extending amortizations) could be a game-changer.
For more in-depth analysis, check out the following video 👇
Big Borrowing News: CMHC Raises Insured Mortgage Limit to $1.5M!
Game-changer alert! Starting December 15, buyers can now get a CMHC-insured mortgage for homes up to $1.5 million(up from $1M). Add a new 30-year amortization option, and suddenly those dream homes seem a bit closer.
But here’s the catch: Buyers will need a household income of $300K+ to qualify, and experts are warning that this could fuel even more competition in the $1M-$1.5M price range.
What You Can Do:
Help your clients secure pre-approvals now—things could get wild when the rules kick in.
Target move-up buyers who’ve been sitting on the sidelines waiting for the right moment.
For more in-depth analysis, check out the following video 👇
👇 Get the full breakdown of our Toronto inventory statistics 👇
*Updated every week
