The TRREB December 2024 Market Stats are hot off the presses! In this first episode of 2025, I provide you with important trends, stats and insights that you NEED to know heading into the spring real estate market.
Ciao! Welcome to a new episode of Building Wealth Through Real Estate...Brick by Brick with me, Nico James-Bock, Founder of The CondoWiz™ Group and Broker at Royal LePage Signature Realty in Downtown Toronto.
Key Takeaways from this episode:
With demand set to continue trending higher into next year, the big variable to look out for is supply. While new listings have recently begun to taper off, a spike in mortgage renewals next year could cause more supply to arrive on the market.
Across the country, 1.2 million mortgages will come up for renewal, 85% of which were contracted when the Bank of Canada’s policy rate was below 1%, resulting in an expected 22% average increase in mortgage payments for these borrowers.
However, the impact on delinquencies and housing supply is likely to be contained, as these borrowers were stress tested at higher rates and incomes have also risen considerably over this period.
Politics and population growth will also play a part as they are closely tied to economics and represent the 3 significant factors affecting house prices.
Ciao ciao 👋🏼
Helping you increase wealth through #realestate
Book a time for a quick 15min Chat - Discovery: https://calendly.com/thecondowiz/15min
Social:
https://linktr.ee/nicojamesbock
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