If you’ve been considering purchasing a home in Toronto or Vancouver, now might be the best time to act—before conditions shift again. According to a recent study by Zoocasa, Canada’s real estate landscape is currently favoring buyers, with Toronto and the Greater Vancouver Area (GVA) showing the lowest sales-to-new listings ratios (SNLR) among major Canadian cities.
Zoocasa’s analysis, based on September data from the Canadian Real Estate Association (CREA), reveals that the sales-to-new listings ratio in the Greater Toronto Area (GTA) has fallen to 28%—down from 29% in 2023. This suggests that more homes are being listed than there are buyers, making the market more favorable for those looking to purchase rather than compete in bidding wars. A ratio below 40% is typically considered a buyers’ market, and with prices slightly more accessible, Toronto has become a more inviting place for first-time homebuyers.
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“While the GTA remains one of Canada’s priciest markets, this shift offers a more accessible window for buyers, making it an encouraging time to step into homeownership in one of the country’s most desirable urban hubs,” said Angela Serednicki of Zoocasa. However, the opportunity may not last long, as October sales jumped 44.4% compared to the previous year. With more affordable prices and interest rate cuts from the Bank of Canada, increased demand could quickly close this buyer-friendly window.
Meanwhile, the Greater Vancouver Area is also seeing a similar trend. The GVA recorded a 30% SNLR, signaling a buyers’ market, though this area has also seen a boost in activity. October sales surged 32%, with all property types seeing double-digit increases, as buyers take advantage of reduced prices and a slight cooling in competition.
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For those looking to enter these markets, experts caution that conditions could shift rapidly as more buyers return to the market.
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