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Raising the insured mortgage cap to $1.5 million may increase market activity, especially in the Greater Toronto Area. Around 20% of homes fall within the new range, with the GTA’s median home price at $1.2 million.

In October, home sales in the Greater Toronto Area surged by 44.4% year-over-year, with 6,658 transactions. Toronto saw 2,509 home sales, a 37.6% increase, while other GTA areas rose by 48.9% to 4,149 sales.

The Greater Toronto Area faces a condo supply glut, with nearly 40,000 units unsold or unoccupied. This includes 24,000 unsold new units, 9,000 resale listings, and 5,000 newly completed assignments.

Sales Volume: October sales totaled $789.4M, indicating strong interest in the area. Average Price: Average property price was $937K, making Durham more affordable. SNLR: Durham’s high 47% SNLR suggests a seller’s advantage. Inventory: Only 2.2 months of inventory, highlighting strong demand and limited supply. Active Listings: With 1,766 active listings, Durham remains a competitive market.

GTA home sales in September reached 4,996, slightly up from August but 8.5% higher than September last year. The increase in sales is driven by lower interest rates and affordable conditions, boosting homeownership demand.

A growing gap exists between home demand and housing starts in the Greater Toronto Area. Housing start applications decreased from 2,428 in 2021 to 1,225 in 2024, worsening affordability.