January 2025 Market Report

January 2025 Newsletter
Thurston Olsen Real Estate Group
Do you remember when you were younger, you may have calculated how old you would be when we hit the year 2000? Well, that somehow happened a quarter century ago!
The great thing about a new year is the endless possibilities that it presents to us. A fresh start to think on what we want to accomplish and an opportunity to “reset”
Now, let’s take a few minutes to give you another Real Estate update for January 2025.
What Are Your 2025 Real Estate Resolutions?
Let the TO Group help you check them off your list!
The start of a new year is a great time to reflect on the year prior as well as an opportunity to think ahead and plan for your future.
Some of us love goal setting and others can find it intimidating. Don’t sweat it! If your 2025 goals are real estate related, let us help you complete them!
Maybe your family is growing and it’s time for an upgrade?
We can help make that transition to your next home as smooth as possible for you and your family.
Maybe the kids have left the nest and you are ready to “right-size”?
We are here to help you decide what type of property best fits the next stage of your life and to make transitioning a breeze.
Maybe you are tired of paying rent to your landlord so that they can pay off their mortgage with your hard earned dollars?
Let’s help you buy that first home so that you can start building your own equity for YOUR future.
Maybe you’d like to build equity and earn passive income through real estate investing?
We have a ton of experience with income properties and can help you understand the benefits and responsibilities involved in owning one.
Just reach out for a casual, no obligation chat at any time. Even if your goals are for 2028 and beyond, we are always happy to start the conversation so that you can be set up for success when the time comes.
Utilize Us!
A friendly reminder that we are here to support you in all aspects of being a homeowner, not just to help you buy or sell homes.
We are consistently fine-tuning our rolodex of house related professionals so that we can provide you with trusted names for when you need them the most.
We have painters, landscapers, handy people, furnace and A/C specialists, roofers, contractors, plumbers, electricians, mortgage brokers, lawyers, just to name a few…
So if ever you are in need of a local professional, you can start with us! There is a good chance that we have just the right person to help you out
Call or email us anytime
2024 Is In The Rearview Mirror, So Now What?
The Toronto housing market experienced another shift in 2024. The number of sales were down and new listings were up, while we saw an increased condo inventory that we haven’t seen in recent history. Prices overall, were down by a modest 2.7% for the average home in the city of Toronto. The market for freehold homes held fairly steady as the demand for those (especially renovated ones) remained strong.
High borrowing costs weighed heavily on affordability throughout 2024, however the Bank of Canada’s rate cuts in the second half of the year offered some much needed relief.
Looking ahead, further rate reductions and stabilized home prices could signal improved conditions in 2025.
We are cautiously optimistic on what 2025 holds for our market given the instability of our Government and with a new President of the US coming into power.
With that being said, we are expecting the number of sales to rebound back to the levels we are used to, as well as a modest increase in the average price of a home in our amazing city. The condo inventory should start to shrink now that interest rates have improved affordability for first time buyers while our city continues to grow in population.
Check out the December year-over-year stats below for more information on the current market. If you would like statistics specific to your neighbourhood, an updated Comparative Market Analysis for your home, or help deciphering what the numbers could mean for you, please let us know and we would be happy to provide that for you.

Help Us Reach Our 2025 Real Estate Goals!
Like many of you, The TO Group also has real estate goals for 2025.
This year, we are determined to help as many of you, your family members, your friends, or your neighbours with their real estate needs. The more the merrier!
We would be forever grateful for the opportunity to help anyone you can think of that could use our expertise.
So feel free to introduce us! We promise we’ll make you look good.
We are so excited for 2025 and can’t wait to be of service to you and your people. Thank you for an amazing 2024!
Cheers! Chris and Ford
December 2024 Market Report

December 2024 Newsletter
Thurston Olsen Real Estate Group
Hey Friends!
As 2024 comes to a close, we want to take a moment to say THANK YOU to each and every one of you for helping to make 2024 an incredible year in real estate for the TO Group. Your trust, support, and referrals have made all the difference, and it’s been an absolute privilege helping you and your people navigate the Toronto market.
From finding dream homes to building wealth through smart investments, we’re grateful to be part of the journey.
Here’s to an even brighter 2025—cheers to you and your families!
Now, let’s take a few minutes to give you another Real Estate update for December 2024.
Mark Your Calendars! The Bank of Canada Makes Their Next Rate Announcement on December 11th
The Bank of Canada is set to announce its final interest rate decision of the year on December 11th. This will set the tone for borrowing costs heading into 2025, with impacts on mortgage rates and affordability. Many are speculating that the overnight rate will decrease by either 0.25% or 0.5%. This will directly affect those who have or will be going for variable rate mortgages.
It will be interesting to see what happens with the fixed rates as they follow the bond yields and are not as directly related to the Bank of Canada overnight rate as the variable rates are. The election of Donald Trump in the USA will have some effect, but as long as we continue to see weaker economic information from Canada (ie. increased unemployment rates) the fixed rates have a good chance of staying low.
If you’re up for renewal in the next year or two, it never hurts to reach out to a mortgage broker to discuss options.
Need a recommendation? We have some great mortgage partners that are here to help. Just ask!
Reminder! Bold Mortgage Reforms: Making Home Ownership More Accessible in Canada
Exciting mortgage policy changes take effect on December 15th, offering new opportunities for buyers:
- 30-Year Amortizations for First-Time Buyers & New Builds: Lower monthly payments mean improved affordability, but higher overall interest costs.
- Higher Purchase Threshold for Minimal Down Payments: Buyers can now put less than 20% down on homes priced up to $1.5M (up from $1M), though carrying costs remain significant.
- Easier Lender Switching: Insured mortgage holders can renew with a different lender without a stress test, encouraging better rate competition.
These reforms aim to make buying a home easier but may also increase market competition and boost prices. We anticipate that this will have the biggest effect on homes in the $1M-$1.3M range. We see a huge opportunity for multi-unit homes where buyers can buy with less down and can supplement the higher costs of borrowing with rental income.
What We Are Seeing From the Field
The Toronto housing market is heating up as home sales surged by 39.1% year-over-year in November 2024. Buyers are jumping in, thanks to reduced borrowing costs and favorable market conditions, while new listings increased by a modest 4.2% compared to November 2023. However, this imbalance tightened market conditions, nudging the average home price up 2.8% year-over-year to $1,080,167.
Key Highlights:
- Home Sales: 2,236 homes sold in November, with single-family detached homes driving much of the price growth.
- Listings: 4,360 new listings entered the market, showcasing more opportunities for buyers.
- Condo Market: While prices remain just below last year’s levels (down 1%), ample choice gives condo buyers strong negotiating power.
What’s Ahead?
With population growth fueling housing demand and borrowing costs trending lower, experts anticipate a robust market recovery in 2025.
This upbeat market trend hints at exciting times ahead. Whether you’re looking to buy, sell, or invest, now’s the time to plan your next move! Let’s Chat

Shout Out To A Local Business
In The Beach – Landscape Maintenance Specialists
Getting tired of staying on top of lawn maintenance, fall clean-ups, and snow removal? For some of us, life gets busy and exterior home maintenance tends to take a back seat. Why not consider hiring a trust-worthy professional and LOCAL company to help you protect your greatest investment, your home?
Our friends at In The Beach are a friendly and professional crew that focus on quality, dependability, and respect for their clients.
Book your seasonal services now and let the pros handle the hard work while you stay cozy indoors. Contact them today to secure your spot and make sure you mention that The TO Group sent you!
Thank You for Making Our Holiday Season Food Drive a Huge Success!
(We may need a bigger truck for the next one!)
Thanks to the incredible generosity of many, our East Side Food Drive Holiday Season food drive in support of the Daily Bread Food Bank was a huge success—our most rewarding one yet!
We couldn’t have done it without you! Every donation made a real difference for families who needed it most. A heartfelt thank you to everyone who contributed.
Let’s continue making an impact together!
As always, we’re here for any real estate services or advice you, your family, or friends might need. Whether it be next week, next month, or next year, it’s never too early to have a chat regarding real estate plans. Feel free to introduce us—we promise to make you look great! ?
Cheers!
Chris and Ford
March 2024 Market Report

Hey Friends!
A lot has happened for the TO group in the last month and we are so excited to share some amazing news with you!
Ford and his lovely partner, Sara welcomed their beautiful baby girl, Olivia into the world on February 17th. She is beyond precious and everyone is so happy to see their family grow (including their dog Teagan who seems to think that Olivia is her baby).
Chris and his beautiful partner, Michelle put on the biggest party of their lives on March 2nd to celebrate their marriage. If you’re trying to imagine what it was like, picture the movie “My Big Fat Greek Wedding”. Lots of people, too much food and drink, and plenty of dancing. They couldn’t be happier.
Enough about us! Let’s take a few minutes to give you another Real Estate update for March 2024.

When we first meet with potential clients, they often tell us that they have been following the real estate market via popular websites and Apps (we won’t share specific App names here!). This is always great news to us as it can be fun working with knowledgeable clients. We also believe in transparency and that everyone should have access to ample real estate data in order to help them make educated decisions, which these sources can help accomplish.
For those of you who are not familiar with these Apps, they essentially act as a property database which show a variety of sales data, including sale dates, listing and sale prices, pictures from current or previous listings, and estimated sale prices.
These are all great tools, but only when they work properly. The Estimate tools are where we would suggest you use caution, as it can often be incorrect…like, way off! We saw a home the other day where the Estimate tool valued the property at $1,075,000 and it sold on the open market at $1,431,000. We saw the house in person and it had one of those special feels to it that you can’t often quantify on a spec sheet or in a photo and we expected it to sell for what it did.
If Toronto was a place where all 3 bedroom, 2 bathroom, semi-detached homes, with 1 car parking were the exact same, then the estimate tool would work quite well! The fact of the matter is that all houses in our city are different, they have different levels of finishes, different upgrades, and different feels. Not all of these things can be accurately measured by an algorithm. There is so much more data that us (real human) Realtors use when estimating values.
This is where we come in! We are immersed in the Toronto market 24/7. We are constantly viewing properties, we have our finger on the pulse of the action, we have tools for measuring bidding activity and tools that provide us with showing activity, among many other tools. Plus, we all gossip with each other about the activity we get on our listings, so we have a leg up there as well ;)
That’s the end of our rant for this month. To re-cap, we think that these Apps are a great tool if you want to check out photos of a new listing, or check out what a neighbouring home sold for, but if you want to know the TRUE value of your home, then please consult a professional (that means us).

Sales and showing activity are definitely picking up in the city of Toronto which is welcome news for most homeowners. When comparing the home values to last February, the numbers look relatively flat, however if we compare them to last month, January 2024, we see some positive increases which is a sign of buyer confidence returning to the market. For all home types in the city of Toronto, the average price increased by 11.7% comparing February to January.
The freehold market (detached/semi-detached/row houses) in the city of Toronto seems to be getting the most attention from eager home buyers with line ups at open houses, plenty of showings, and multiple offers on many properties listed for sale.
The condo market hasn’t yet seen the same activity as the freehold market, but through our experience it’s only a matter of time until the activity from the freehold market flows towards the condo market.
Check out the February year-over-year stats below for more information on the current market. If you would like statistics specific to your neighbourhood, an updated Comparative Market Analysis for your home, or help deciphering what the numbers could mean for you, please let us know and we would be happy to provide that for you.


March Break is here! Hopefully some of you are enjoying it somewhere warm with your families.
If you’ve chosen to stay in the city, here are a couple of ideas to keep you busy in case you were looking for something to do.
An East End favourite is back – the winter warming stations! Grab a coffee and go for a stroll down along the beach and check out some cool art installations to reimagine the lifeguard stations put on by the international design and art community. More info on the event can be viewed here.
A quick reminder that we still have a limited supply of tickets for the Toronto Home Show, taking place from March 8-10 & 13-17, 2024. If this is of interest, we would like to offer you the exclusive RE/MAX VIP Program at the show! Please send us a message and we’d be happy to get you some tickets.
As always, we would be happy to help you and any of your friends, family, colleagues, or neighbours with real estate services or advice. If you can think of anyone that could use our help, feel free to make an introduction! We promise we’ll make you look good ;)
JUST LISTED!
1584 Dundas St E
Welcome Home To This Beautiful Residence In The Heart Of Leslieville! Step Inside, And You’ll Immediately Notice The Spaciousness That Sets This Home Apart. The Wide Layout Provides A Sense Of Openness And Airiness That’s Truly Inviting.
The Main Living Area Boasts An Abundance Of Natural Light And Includes A Well-Appointed Open Concept Living/Dining Area Which Is The Perfect Space To Entertain.
The Functional Kitchen Features Sleek Appliances, Views Of The Park, And A Walk Out To A Low Maintenance Deck And Private Perennial Garden.
Two Generously Sized Bedrooms Offer Soaring Vaulted Ceilings For An Airy Feel. The Thoughtfully Finished Basement Includes Ample Space For Movie Nights, A Kids Play Area, Plenty Of Storage, And Features A Hideaway Recording Booth! The Lower Level Also Boasts A Renovated 2nd Bathroom Complete With A Soaker Tub.
Steps To Greenwood Park For All Of Your Recreational Needs – Baseball/Soccer Fields, Skating Rink, Dog Park, And The Leslieville Farmer’s Market!
