Fall 2024

According to the Royal LePage® House Price Survey released on July 11th, 2024, the aggregate price of a home in the Greater Toronto Area (GTA) increased 0.9 per cent year over year to $1,190,600 in the second quarter of 2024. On a quarterly basis, the aggregate price of a home in the GTA rose 1.1 per cent.

Broken out by housing type, the median price of a single-family detached home increased 1.3 per cent year over year to $1,466,400 in the second quarter of 2024, while the median price of a condominium increased 1.4 per cent to $741,500 during the same period.

“Sales activity in the GTA was unseasonably low this spring. Almost all of the price appreciation we’ve seen year to date occurred in the first quarter, followed by a virtual flatline. New listings are up double digits compared to this time last year, and active listings are the highest they’ve been in more than a decade,” said Karen Yolevski, chief operating officer, Royal LePage Real Estate Services Ltd. “While many buyers appear to be sitting on the sidelines, this will be good news for them when they resume their home buying plans. The region has been starved for housing inventory for some time. Once consumers regain the confidence to re-enter the market likely following several more interest rate cuts– this boost in supply will be a welcome improvement to market conditions.” 

In the city of Toronto, the aggregate price of a home decreased modestly by 0.5 per cent year over year to $1,215,300 in the second quarter of 2024. However, the aggregate price of a home in Toronto increased 4.8 per cent quarter over quarter. The median price of a single-family detached home declined 0.9 per cent year over year to $1,763,200, while the median price of a condominium decreased 2.4 per cent to $711,500.

“This time last year, sales activity and home prices ramped up following the first rate hold by the Bank of Canada, the first signal of relief since the start of its aggressive campaign to tamp down inflation. By comparison, prices recorded in the second quarter of this year are hovering around flat or showing modest decreases,” said Yolevski. “However, the trendline from the start of 2024 shows moderate, incremental gains. Despite a marked slowdown in activity, home prices are not trending downward, as most sellers have demonstrated they have the ability to hold out for the right buyer.” 

Yolevski added that activity has slowed across all segments and housing types, not only in the resale market, but in pre-construction as well. 

“Consumers’ ability to purchase a new construction property– whether investors or end-users – has been blunted by the fast and furious rise in interest rates over the last two years, as the value of pre-construction units are not increasing at the same pace as mortgage costs in the time between purchasing and closing. This drop in demand has in turn diminished builders’ confidence to launch new products in the near-term,” said Yolevski. “The high cost of borrowing continues to be a major roadblock for builders in this city, and across the country.”

1 Aggregate prices are calculated using a weighted average of the median values of all housing types collected. Data is provided by RPS Real Property Solutions and includes both resale and new build.

Here’s what homeowners like you need to know when it comes to navigating the fall market and getting the most out of the sale of your home.

What Are the Advantages of Selling This Fall?

This Fall, interest rates are declining, making it an ideal time to attract buyers who have increased purchasing power and want to lock in lower borrowing costs. If you’ve been waiting for the perfect time to sell, now is your chance to showcase your home while rates are on a decline.

Positioning Your Home to Sell

In addition to the usual cleaning and decluttering, one of the best ways to prepare for a fall sale is to embrace the cozy allure of the season and positioning your home as the ideal setting to create holiday memories.

Take advantage of the urgency buyers feel as they aim to settle into a new home before the holiday season by enhancing your property with seasonal exterior decor, warm lighting, and inviting spaces that showcase the charm of this time of year. Consider infusing your home with warm, holiday-inspired scents — you might even want to bake an apple or pumpkin pie before an open house!

Contrary to what some might think, fall doesn’t have to be a season of shutdown in the garden. It can be an opportunity to turn your outdoor living space into a stunning autumn oasis that not only boosts your home’s curb appeal, but also enhances your quality of life.

While it may sound like a large undertaking, with the right tips, you’ll be well on your way toward creating a beautiful garden that thrives year-round.

Preparing Your Soil
Healthy soil is the foundation of any garden. Begin by clearing out any summer plants and debris from your garden beds. From there, you can enrich the soil with compost to boost its nutrient content, giving your fall plants the best environment to grow strong.

Choosing Your Plants
Spring isn’t the only time of year you can have beautiful flowers in the garden! The key is to choose plants that thrive in cooler weather. Perennials like asters, chrysanthemums, and ornamental grasses bring rich colours and textures to your space, while late-blooming flowers such as sedum and goldenrod will keep your garden looking beautiful as the season unfolds.

Planning for Continual Bloom
Creating a garden that blooms all year long is all about thoughtful planning  and choosing plants with staggered flowering times so that as one bloom fades, another takes its place. This way, your garden will stay vibrant and beautiful throughout the season. Are you ready to improve your home’s curb appeal?