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Kids are out of school, the weather is heating up, and the summer cottage season
is in full swing. The Toronto real estate market typically sees a pullback in
activity at this time, and this year is no different. Sales across all home
types are down 16% since June 2023, which is significant but less severe than
the 20% dip year-over-year in May. The seasonal May Spring market never fully
materialized, with April seeing the most sales so far in 2024.


New listings were up 12% year-over-year, but there was a slowdown in that trend
from May, with 3.5% fewer new listings compared to month-over-month. It's
important to keep in mind that 30% of all new listings were re-listed
properties, not truly "new" listings.


Active listings are probably the biggest headline number, with a 67% increase
year-over-year. Toronto has seen listings remain relatively flat for semis,
rows, and townhomes, while active condo listings have been rising steeply. The
detached market was also notably increasing but has flattened out in the past
month.


Interestingly, there have been more showings booked now compared to this time
last year. Anecdotally, this rings true to me, as there are still many buyers
looking to get into the market but waiting for the perfect opportunity. Whether
they are waiting for prices to drop due to higher inventory or for rates to
drop, allowing for more favorable financing options. Sellers have not been
willing to take a hit on perceived value, which is causing inventory to grow
without much of a drop in average price. We are in a buyer-seller standoff, with
both sides waiting for the other to move first.


Ultimately, rates are a massive driver of how the real estate market moves.
Economists are pricing in a 40% chance of a cut on July 24th and an 83% chance
of a cut on September 4th. Looking further out, TD sees rates coming down to
2.75% by the end of 2025, while BMO is forecasting 3.5%. Having said all that,
no one has a crystal ball, and timing the market perfectly is no easy feat.


As always, I'd love to hear your thoughts on the market, so don't hesitate to
reach out.


Enjoy the summer weather while we have it!







Full Report Here





Will unlocking public land to developers effectively create affordable housing?


High land acquisition costs pose significant barriers that Ottawa plans to
overcome with long-term leases

How downtown Toronto home prices changed by neighbourhood in June 2024


Compare house and condo sales in The Annex, Core East, Core West, Moore Park,
Rosedale and Yonge-St. Clair

Toronto home sales down 16% despite Bank of Canada’s rate cut


TRREB survey suggests interest rates will need to come down at least 1% to boost
sales

Toronto condo sales plummet 28% in June as sales crash across all property types


Despite Bank of Canada rate cut, prices and sales were down across the board in
June over this time last year, according to the Toronto Regional Real Estate
Board.







$1,495,000

183 Dovercourt Rd PH08, Toronto

2
Bedrooms2
Baths-
Sq Ft.

Request A Private Showing

$3,795,000

110 Bloor St W 1707, Toronto

2
Bedrooms3
Baths2,595
Sq Ft.

Request A Private Showing



$1,750,000

340 Ontario St, Toronto

3
Bedrooms3
Baths-
Sq Ft.

Request A Private Showing

$2,399,000

395 Carlton St, Toronto

4
Bedrooms4
Baths-
Sq Ft.

Request A Private Showing

$2,998,750

350 WALLACE AVE, TORONTO

4
Bedrooms3
Baths-
Sq Ft.

Request A Private Showing

$3,500,000

41 Northcote Ave, Toronto

4
Bedrooms5
Baths3,000
Sq Ft.

Request A Private Showing





St. Andrew-Windfields Area Single Family Home

372 OLD YONGE ST, TORONTO

$8,990,000

8
Bedrooms8
Baths10,000
Sq Ft.

One and only. Nestled privately in Toronto's exclusive St Andrew enclave, appx
0.86-acre (37,507.72 sf) hillside ground adores the expansive tableland and
magnificent residence that call for a unique and extraordinary estate
collection. Appx 185ft frontage, 189ft west-depth, wider back 246ft, and
exceptional 304 ft east-depth. An unparalleled geographical location provides
breathtaking panoramic views and wraparound forest ravines. The Grand English
Manor Revival Architecture boasts appx 10,000 sf sophisticated interior with
8,171 sf above grade. All three plus one storey encompasses 8 bdrm, 8 bath and a
private chapel. Principal edifice rises tall with numerous entrances & three
stairwells. Main foyer commands a significant open stair hall as first-class
piece de resistance. Two-story windows grace opulent natural light. Gracefully
pitched roofs, mullioned windows, and half-timbered facades. Antique fireplace
with French imported fire-bench & hand-paint mantels. Allure of old world charm
harmoniously coalesces with aristocratic refinement, intricate craftsmanship and
sumptuous opulence. 2016 Bsmt Waterproof. Newer high-end appliances and
high-efficiency equipment. Wolf 6-burner gas range, Sub-Zero fridge/freezer,
dishwasher, LG washer/dryer, AQUECOIL hydronic heating, APRILAIRE humidifier,
NTI water boiler, two owned HWT and two AC (2016). Redesigned STUDIO TLA
landscape features easy to maintain sunny gardens & tremendous stone/ brick
pavements. NICK DAY container cabana studio with bath & extensive deck.
Multiple-level resistant wood/metal patios offer ample space for large
gatherings. South golf greens broaden to wider land for potential pool & tennis
court additions. Attach 3-car garage plus capacious driveway & courtyard to
accommodate 33-cars.Two automated gates and custom corten steel panels enhance a
secure and stylish outdoor living. A true masterpiece stands as a testament to
discerning connoisseurs and the distinguished history of elite homeowners.
Request A Private Showing



Find Out Here!





Henry Dineen
Sales Representative & Senior Vice President, Sales


4168733806
hdineen@sothebysrealty.ca

Sotheby’s International Realty Canada
1867 Yonge Street, Suite 100, Toronto, Ontario, M4S 1Y5
416.960.9995 | sothebysrealty.ca



© 2024 Sotheby’s International Realty Canada, Brokerage. Independently Owned &
Operated. All rights reserved. Sotheby’s International Realty® and the Sotheby’s
International Realty Logo are service marks licensed to Sotheby’s International
Realty Affiliates LLC and used with permission. E&O.E: This information is from
sources which is deemed reliable, but must be verified by prospective purchasers
and may be subject to change or withdrawal. Not intended to solicit properties
already under agreement.


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