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 Keller Williams Co-Elevation Realty in Toronto. In this episode I do a deep dive into the recent Band of Canada interest rate announcement, the recently released TRREB Market Stats for May 2025, and check in with Stats Can for the immigration/emigration counts. All of this to prepare you for what will be a challenging summer for real estate and the economy.
4 Key Takeaways:
- TRREB reported 6,244 home sales in May 2025, down 13.3% year-over-year but marking a second consecutive monthly increase.
- The average selling price fell 4% from May 2024 to $1,120,879, improving affordability.
- Inventory levels have risen, especially in the condo market, with over seven months of supply now available.
- Despite lower borrowing costs and prices, economic uncertainty—particularly related to U.S. trade—continues to weigh on buyer confidence.
- Canada enjoyed a net gain of ~402,000 people through international migration in 2024.
- Ontario alone added approximately 161,000 people—a significant portion of Canada’s growth.
Bottom Line:
The GTA market is offering improved affordability and more selection, especially for condo buyers. However, broader economic concerns are keeping some would-be buyers on the sidelines. This situation will continue heading into the summer market. It will however start to turn around as we move into fall. The next BoC announcement on July 30 will be a reflection of the key economic and job indicators announced over the next 6 weeks.
Ciao
Helping YOU Build Wealth Through #RealEstate #BrickByBrick
Book a time for a quick 15min Chat - Discovery: https://calendly.com/thecondowiz/15min
Social:
https://linktr.ee/nicojamesbock
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