The GTA gist

• Average condo prices are down roughly 20% from their 2022 peak and 10% from last year, one of the biggest resets the market has seen in decades.
• With nearly 8,000 listings active, more condos are available than we've seen in years, giving you real options.
• Sales activity is slower, which means less competition and more room to negotiate.
• Pre-construction completions are adding supply today, but that pipeline is shrinking. This could tighten the market in the years ahead.

What this means for you

✔ Buy at prices that simply weren't available two or three years ago.

✔ Negotiate on price, conditions, and closing terms in ways that heavily favour buyers right now.

✔ Enter the market with confidence, knowing you have more choice and less pressure than at any point in recent memory.

✔ Position yourself ahead of a potential supply squeeze as new construction slows.

• The prime rate stays at 4.45%: variable and adjustable mortgage payments remain unchanged.
• Fixed rates have already moved higher, independent of today's decision, due to rising bond yields.
• With over a million mortgages renewing this year, lenders are competing: you have leverage.

The opportunity for Canadian renewers:

Fixed vs. variable rates
If you're coming up for renewal and weighing your options, here's the landscape: the best variable rates are around 3.40%, while 5-year fixed rates have moved higher into the low-to-mid 4% range, driven by rising bond yields, not the Bank of Canada.

Good news from the renewal wave
With over a million mortgages renewing this year, lenders are competing hard for your business. That means you have real leverage, but only if you come to the table prepared.
60% of Canadians overspend on their mortgage by auto-renewing with their lenders.