Summer 2024

According to the Royal LePage® House Price Survey released on April 12, 2024, the aggregate price of a home in the Greater Toronto Area (GTA) increased 5.2 per cent year over year to $1,177,700 in the first quarter of 2024. On a quarterly basis, the aggregate price of a home in the GTA rose 4.8 per cent.

Broken out by housing type, the median price of a single-family detached home increased 3.9 per cent year over year to $1,454,800 in the first quarter of 2024, while the median price of a condominium increased 3.7 per cent to $733,600 during the same period. 

“The first three months of the year were busier than expected in Toronto and the surrounding regions. Warm winter weather and the anticipation of tight competition once the Bank of Canada reverses course on part of its steep interest rate hike campaign have prompted some buyers who had been sidelined last year to re-enter the market with a renewed sense of purpose,” said Karen Yolevski, chief operating officer, Royal LePage Real Estate Services Ltd. “The good news is buyers are acting with their heads, not just their hearts. They have no choice, since elevated borrowing costs and tight lending restrictions are limiting their buying power. Even in multiple-offer scenarios, which we are starting to see a lot more of, homes are selling for market value. This is a vastly different environment than the supercharged markets of 2020 and 2021.” 

In the city of Toronto, the aggregate price of a home increased 1.4 per cent year over year to $1,160,000 in the first quarter of 2024. During the same period, the median price of a single-family detached home increased 3.1 per cent to $1,706,300, while the median price of a condominium increased 1.3 per cent to $714,900. 

Yolevski noted that activity and price trends in the GTA’s housing market in the first part of the year are unfolding much as Royal LePage predicted they would.

“At the end of 2023, we forecast modest price gains in the first half of this year and stronger appreciation in the third quarter, following one or more expected rate cuts. What we’ve seen so far is a boost in sales volumes and prices even greater than predicted. We should see a seasonal pick-up in spring market activity and an even busier fall, if these trends continue,” said Yolevski. “Since the start of the year, average days on market have been steadily decreasing and we’re starting to see an uptick in new listings, which are desperately needed. 

“Major banks began modestly reducing lending rates late last year, offering a bit of breathing room for buyers looking to transact at a lower interest rate before prices increased too much. That window, especially for first-time buyers, is quickly closing.” 

Royal LePage is forecasting that the aggregate price of a home in the Greater Toronto Area will increase 10.0 per cent in the fourth quarter of 2024, compared to the same quarter last year. The previous forecast has been revised upward to reflect a stronger-than-expected first quarter. The GTAis set to see the greatest price appreciation of all major markets.

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.

Whether you’re planning for retirement, funding a major expense, or aiming to build long-term wealth, your home equity presents many opportunities for financial growth. Understanding how to effectively leverage your equity is key to unlocking its full potential.

Home Equity Loan or HELOC

Consider tapping into your home’s equity through a home equity loan or a home equity line of credit (HELOC). A home equity loan provides a lump sum of money upfront, while a HELOC allows you to borrow against the equity in your property as needed, similar to a credit card. You can use these funds for home improvements, debt consolidation, or significant expenses.

Downsize or Rent Out

If you’re looking to increase liquidity or reduce expenses, downsizing to a smaller home or renting out part of your property can be beneficial. Selling your current home and moving into a more affordable property can release a lump sum of equity. Alternatively, renting out a room or a separate unit on your property can generate additional income to bolster your finances.

Reverse Mortgage

Explore the option of a reverse mortgage if you’re aged 55 or older. With a reverse mortgage, you can convert a portion of your home equity into tax-free cash without selling your home or making monthly mortgage payments. This can provide valuable income during retirement or help cover unexpected expenses while allowing you to remain in your home.

Invest in Real Estate

Utilize your home equity to invest in additional real estate properties. Whether you’re interested in residential, commercial, or other investment properties, leveraging your home equity can provide the capital needed to expand your real estate portfolio and generate wealth.

Your backyard is more than just an outdoor space; it’s an extension of your home. With summer around the corner, there’s no better time to spruce up your backyard with budget-friendly decorating ideas. No matter the size or shape of your yard, these tips will help you create an inviting outdoor oasis!

Carve Out a Cozy Conversation Area
Two chairs under a shaded area create a cozy nook that encourages conversation. Enhance it with a focal point such as a fire pit, a surface for food and drink, and plenty of cushions for comfort and functionality. Now, you’ve got a perfect spot for entertaining guests or enjoying a good book.

Create a Peaceful Ambiance with a Water Feature
If you love the soothing sound of trickling water, consider adding a simple water feature to your outdoor space to create a zen-like atmosphere. A small water foundation or bubbling rock strategically placed near your conversation area is the perfect way to relax and unwind after a long day. 

Lay a Natural Garden Pathway
Walking barefoot on grass is therapeutic, but a structured walkway offers practicality and style to any yard. Opting for a mix of pebbles and large stone pavers is both cost-effective and simple for DIY projects. Embrace a freeform approach rather than straight lines during installation for a more natural feel.

Our homes can be filled with toxins we aren’t even aware of. Embrace a healthier, eco-conscious lifestyle by making simple swaps to reduce environmental toxins. These easy tips will elevate your living space while minimizing exposure to harmful chemicals.

Make Your Own Cleaners
Conventional household cleaners contain harsh ingredients that can negatively impact health. Opt for vinegar, baking soda, and essential oils for effective, eco-friendly cleaning solutions. These are safer for your family’s health and will leave your home smelling fresh and clean.

Improve Air Quality with Houseplants
Bring nature indoors and improve air quality by adding houseplants to your home decor. Plants such as spider plants, peace lilies, and snake plants not only clean the air but also add brightness and beauty to your living space. 

Invest in Organic Bedding
You spend up to one-third of your life in bed. Create a healthier sleep environment by choosing sheets made of natural fibres like organic cotton, linen, or wool. These materials are free from harmful chemicals and pesticides, making them ideal for sensitive skin and promoting better sleep quality.

Avoid Artificial Scents
While scented candles or conventional air fresheners may smell good, synthetic fragrances can lead to health risks when inhaled daily. Find natural ways to scent your home—like diffusing essential oils—that are safer for your health and more sustainable for the planet.There are many benefits to living in a non-toxic environment. 

By making these simple swaps, you can create a low-tox home that promotes wellness and sustainability.