The GTA Real Estate Market Has Finally Hit Rock Bottom
Home prices are down, sales are plummeting, and bankruptcies are on the rise.
Here's what you need to know.
The MLS Home Price Index Composite was down by 5% on a year-over-year basis in July 2024. This is the biggest year-over-year decline since the index was created in 2005.
The slowdown in the housing market is being felt by all sectors, from single-family homes to condos to pre-construction units.
GTA-based bankruptcy trustees say there's been an uptick in panicked pre-construction buyers who are worried about losing their deposits.
In Tillsonburg, Ont., about 60 kilometers southeast of London, 11 buyers are fighting to buy their units after the developer went bankrupt.
The housing correction that RBC once called "historic" appears to have run its course, and sellers are now facing a new reality: lower prices and fewer buyers.
The volume of new home sales across the GTA in May was an astonishing 71% lower than the same month last year.
This is a clear sign that the market has turned, and buyers are now in the driver's seat.
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