Is housing in the GTA becoming more affordable?

GTA home sales fell 5.3% year-over-year in August 2024, with a slight increase in new listings. Despite a modest dip in average home prices, the market remains well-supplied. Recent Bank of Canada rate cuts are expected to enhance affordability, especially for first-time buyers.

Market Summary

• Sales Momentum: Sales decreased by 5.3% compared to August 2023 and 7.72% from July 2024.

• Listing Dynamics: New listings were up 1.5% year-over-year but down 23% from July 2024.

• Active Listings: Active listings increased by 46% from 2023 but saw a 5.1% decline from July 2024.

• Price Trends: Average home prices were down 0.8% year-over-year and 7.72% from July 2024.

• Market Status: With 5 months of inventory, the GTA market is currently in a buyer's market. Sales to new listings ratio fell 3% from 2023 but rose 7% from July.

• Time to Sell: Listings spent an average of 28 days on the market, while properties were on the market for 44 days.

What's happening locally? Durham & Toronto Market Insights

Every city/town is unique as are the communities within them. Scroll through to find your town.

Impact of Interest Rates

On September 4th the Bank of Canada reduced it’s policy rate for the third straight time by a quarter point. The Bank of Canada’s recent rate cut is poised to improve housing affordability, particularly benefiting those with variable-rate mortgages. As borrowing costs decrease, we anticipate increased first-time buyer activity, which could stimulate the condo market and overall housing demand.

What Does This Mean for Buyers and Sellers?

For Buyers

Buyers will find favorable conditions with lower mortgage rates and modestly reduced home prices. The current market offers more choices, particularly in the condo sector, making it an opportune moment for those looking to enter or upgrade within the market.

For Sellers

Sellers in the GTA may experience a slower pace of sales due to the year-over-year decline, despite a stable inventory. With average prices slightly down, sellers should be prepared for modest offers but can benefit from increased buyer interest as affordability improves over time.

In Conclusion 

The GTA housing market is navigating a period of adjustment with declining sales and slightly lower prices. The recent rate cut promises to boost affordability and buyer activity, setting the stage for a gradual market recovery.

Get the Help You Need:

Ready to buy or sell in the GTA? Contact us today for expert guidance and personalized support to navigate this evolving market and make the most of current opportunities.

Call Ben at 905-995-23372 or Jim at 905-409-9967

MORE MARKET INSIGHTS (Markham/Stouffville & Port Hope/Cobourg)

The Greater Toronto Area (GTA) real estate market favoured buyers in July with the inventory outpacing sales giving buyers lots to choose from and a slight relief in selling prices on average. With more rate cuts on the horizon, the Fall market could offer buyers a fantastic opportunity to strike.

Market Summary

• Number of Sales:

  • Up 3.3% year-over-year

  • Down 1.7% month-over-month

• Price Trend:

  • Average price down 0.9% year-over-year

  • Average price up 0.1% month-over-month

• New Listings:

  • Up 18.5% compared to July 2023

  • Down 9.3% from June 2024

• Active Listings:

  • Up 55.4% from July 2023

  • Up 1.1% compared to June 2024

• Market Status:

  • Sales to new listings ratio at 33% (compared to 35% in July 2023)

  • Approximately 4.2 months of inventory, indicating a balanced market

• Time on Market:

  • Listings remained on the market for an average of 36 days, up 6 day from June 2024

Despite a second interest rate cut by the Bank of Canada many buyers remain on the sidelines.

What's happening locally? Durham & Toronto Market Insights

Every city/town is unique as are the communities within them. Scroll through to find your town.

Impact of Interest Rates

In July, the Bank of Canada dropped its policy rate by another 0.25%. “We may be starting to see a positive impact from the two Bank of Canada rate cuts announced in June and July. Additionally, the cost of borrowing is anticipated to decline further in the coming months. Expect sales to accelerate as buyers benefit from lower monthly mortgage payments,” said TRREB President Jennifer Pearce.

What This Means for Buyers and Sellers

For Buyers

• Increased Choice: With a rise in new and active listings, buyers have more options to choose from.

• Competition: Buyers are in the driver seat for now, but as the cost of borrowing goes down competition is likely to go up.

• Move-up Buyers: This is a great time to move up the property ladder if you are looking to upgrade to a home with more space or property.

For Sellers

• Selective Buyers: With more inventory available, buyers are becoming more selective and less aggressive.

• Strategic Pricing: Properly pricing your home is crucial. It needs to be attractive enough to draw in buyers while still meeting your financial expectations.

• Entry Level Homes Remain in High Demand: Homes under $1 million continue to generate considerable attention from buyers. Particularly entry-level townhomes and detached homes that are well-prepared.

Conclusion

July 2024 has once again been a month of balance and cautious optimism in the GTA real estate market. As we approach the fall market buyers will likely benefit from more interest rate cuts. With lower borrowing costs and a good inventory of homes on the market, this fall could offer GTA home buyers the opportunity they have been waiting for.

Call to Action

Whether you're looking to buy or sell a home, navigating the real estate market can be challenging. Contact us today for expert guidance and personalized service to help you achieve your real estate goals. Contact us today.

Call Ben at 905-995-23372 or Jim at 905-409-9967

MORE MARKET INSIGHTS (Markham/Stouffville & Port Hope/Cobourg)

The Greater Toronto Area (GTA) real estate market favoured buyers in July with the inventory outpacing sales giving buyers lots to choose from and a slight relief in selling prices on average. With more rate cuts on the horizon, the Fall market could offer buyers a fantastic opportunity to strike.

Market Summary

• Number of Sales:

  • Up 3.3% year-over-year

  • Down 1.7% month-over-month

• Price Trend:

  • Average price down 0.9% year-over-year

  • Average price up 0.1% month-over-month

• New Listings:

  • Up 18.5% compared to July 2023

  • Down 9.3% from June 2024

• Active Listings:

  • Up 55.4% from July 2023

  • Up 1.1% compared to June 2024

• Market Status:

  • Sales to new listings ratio at 33% (compared to 35% in July 2023)

  • Approximately 4.2 months of inventory, indicating a balanced market

• Time on Market:

  • Listings remained on the market for an average of 36 days, up 6 day from June 2024

Despite a second interest rate cut by the Bank of Canada many buyers remain on the sidelines.

What's happening locally? Durham & Toronto Market Insights

Every city/town is unique as are the communities within them. Scroll through to find your town.

Impact of Interest Rates

In July, the Bank of Canada dropped its policy rate by another 0.25%. “We may be starting to see a positive impact from the two Bank of Canada rate cuts announced in June and July. Additionally, the cost of borrowing is anticipated to decline further in the coming months. Expect sales to accelerate as buyers benefit from lower monthly mortgage payments,” said TRREB President Jennifer Pearce.

What This Means for Buyers and Sellers

For Buyers

• Increased Choice: With a rise in new and active listings, buyers have more options to choose from.

• Competition: Buyers are in the driver seat for now, but as the cost of borrowing goes down competition is likely to go up.

• Move up Buyers: This is a great time to move up the property ladder if you are looking to  upgrade to a home with more space or property.

For Sellers

• Selective Buyers: With more inventory available, buyers are becoming more selective and less aggressive.

• Strategic Pricing: Properly pricing your home is crucial. It needs to be attractive enough to draw in buyers while still meeting your financial expectations.

• Entry Level Homes Remain in High Demand: Homes under $1million continue to generate considerable attention from buyers. Particularly entry level townhomes and detached homes that are well prepared.

Conclusion

July 2024 has once again been a month of balance and cautious optimism in the GTA real estate market. As we approach the fall market buyers will likely benefit from more interest rate cuts. With lower borrowing costs and a good inventory of homes on the market, this fall could offer GTA home buyers the opportunity they have been waiting for.

Call to Action

Whether you're looking to buy or sell a home, navigating the real estate market can be challenging. Contact us today for expert guidance and personalized service to help you achieve your real estate goals. Contact us today.

Call Ben at 905-995-23372 or Jim at 905-409-9967

MORE MARKET INSIGHTS (Durham Region, Markham/Stouffville & Port Hope/Cobourg)

The Greater Toronto Area (GTA) real estate market showed interesting dynamics in June 2024. While there were shifts in sales numbers and pricing trends, the market remained relatively balanced. Here’s a detailed look at the market activity and what it means for buyers and sellers. Market Summary

• Number of Sales:

  • Down 16.4% year-over-year

  • Down 11.41% month-over-month

• Price Trend:

  • Average price down 1.6% year-over-year

  • Average price down 0.3% month-over-month

• New Listings:

  • Up 12.3% compared to June 2023

  • Down 3.5% from May 2024

• Active Listings:

  • Up 67.4% from June 2023

  • Up 8.5% compared to May 2024

• Market Status:

  • Sales to new listings ratio at 35% (compared to 36% in June 2023)

  • Approximately 4 months of inventory, indicating a balanced market

• Time on Market:

  • Listings remained on the market for an average of 20 days, up 1 day from May 2024

Despite an increase in inventory, the average price held relatively steady, showing resilience in the market and sellers not willing to sell below market value. 

What's happening locally? Toronto & Durham Region Market Insights

Impact of Interest Rates

In June, the Bank of Canada dropped its policy rate by 0.25%. While this move was expected to boost sales, the anticipated surge in buyer activity did not materialize. Many buyers chose to remain on the sidelines, as the adjustments in rates and prices were not sufficient to spur significant purchasing activity. The next rate announcement is expected on July 24th, which could further influence market conditions.

What This Means for Buyers and Sellers

For Buyers

• Increased Choice: With a rise in new and active listings, buyers have more options to choose from.

• Less Competition: The decrease in sales means fewer bidding wars, although prime properties still attract

  multiple offers.

• Opportunity in Luxury Market: The more expensive luxury market is starting to slow down and many markets are seeing homes sell below asking price. This is an opportunity for buyers who find themselves in a good position to buy. 

For Sellers

• Selective Buyers: With more inventory available, buyers are becoming more selective and less aggressive.

• Strategic Pricing: Properly pricing your home is crucial. It needs to be attractive enough to draw in buyers while still meeting your financial expectations.

• Entry Level Homes Remain in High Demand: Homes under $1million continue to generate considerable attention from buyers. Particularly entry level townhomes and detached homes that are well prepared.

Conclusion

June 2024 has been a month of balance and cautious optimism in the GTA real estate market. The modest changes in prices and sales, combined with increased inventory, provide a stable environment for both buyers and sellers. The summer is typically a slower time for sales as buyers direct their attention to summer holidays but good homes are still selling fast. As always we keep an eye on the market and wait to see how interest rates and rising inventory levels affect sales into the summer.

Call to Action

Whether you're looking to buy or sell a home, navigating the real estate market can be challenging. Contact us today for expert guidance and personalized service to help you achieve your real estate goals. Contact us today. Call Ben at 905-995-23372 or Jim at 905-409-9967.

The Greater Toronto Area (GTA) real estate market showed interesting dynamics in June 2024. While there were shifts in sales numbers and pricing trends, the market remained relatively balanced. Here’s a detailed look at the market activity and what it means for buyers and sellers.

Market Summary

• Number of Sales:

  • Down 16.4% year-over-year

  • Down 11.41% month-over-month

• Price Trend:

  • Average price down 1.6% year-over-year

  • Average price down 0.3% month-over-month

• New Listings:

  • Up 12.3% compared to June 2023

  • Down 3.5% from May 2024

• Active Listings:

  • Up 67.4% from June 2023

  • Up 8.5% compared to May 2024

• Market Status:

  • Sales to new listings ratio at 35% (compared to 36% in June 2023)

  • Approximately 4 months of inventory, indicating a balanced market

• Time on Market:

  • Listings remained on the market for an average of 20 days, up 1 day from May 2024

Despite an increase in inventory, the average price held relatively steady, showing resilience in the market and sellers not willing to sell below market value.

What's happening locally? Durham & Toronto Market Insights

Every city/town is unique as are the communities within them. Scroll through to find your town.

Impact of Interest Rates

In June, the Bank of Canada dropped its policy rate by 0.25%. While this move was expected to boost sales, the anticipated surge in buyer activity did not materialize. Many buyers chose to remain on the sidelines, as the adjustments in rates and prices were not sufficient to spur significant purchasing activity. The next rate announcement is expected on July 24th, which could further influence market conditions.

What This Means for Buyers and Sellers

For Buyers

• Increased Choice: With a rise in new and active listings, buyers have more options to choose from.

• Less Competition: The decrease in sales means fewer bidding wars, although prime properties still attract multiple offers.

• Opportunity in Luxury Market: The more expensive luxury market is starting to slow down and many markets are seeing homes sell below asking price. This is an opportunity for buyers who find themselves in a good position to buy. 

For Sellers

• Selective Buyers: With more inventory available, buyers are becoming more selective and less aggressive.

• Strategic Pricing: Properly pricing your home is crucial. It needs to be attractive enough to draw in buyers while still meeting your financial expectations.

• Entry Level Homes Remain in High Demand: Homes under $1million continue to generate considerable attention from buyers. Particularly entry level townhomes and detached homes that are well prepared.

Conclusion

June 2024 has been a month of balance and cautious optimism in the GTA real estate market. The modest changes in prices and sales, combined with increased inventory, provide a stable environment for both buyers and sellers. The summer is typically a slower time for sales as buyers direct their attention to summer holidays but good homes are still selling fast. As always we keep an eye on the market and wait to see how interest rates and rising inventory levels affect sales into the summer.

Call to Action

Whether you're looking to buy or sell a home, navigating the real estate market can be challenging. Contact us today for expert guidance and personalized service to help you achieve your real estate goals. Contact us today.

Call Ben at 905-995-23372 or Jim at 905-409-9967

MORE MARKET INSIGHTS (Markham/Stouffville & Port Hope/Cobourg)

Greetings, GTA homebuyers and sellers! As we step into June, it's time to reflect on the dynamic real estate landscape that unfolded throughout May 2024. Join us as we uncover the latest insights and trends from the past month, offering a clear perspective on what May's market stats mean for your real estate journey. At Jim Stanton & Associates, our commitment to providing you with valuable information remains steadfast. Let's explore together the opportunities and possibilities that await in the ever-evolving GTA market.

Market Summary: In May 2024, the GTA real estate market showed mixed signals:

• Sales Momentum: Compared to the same period last year, sales decreased by 21.7%. There was a month-over-month decrease of 1.42%.

• Listing Dynamics: New listings were up 21.1% from 2023 and 9.9% month-over-month.

• Active Listings: Active listings saw a significant increase, up 83.3% from 2023 and 20.3% from April 2024.

• Price Trends: The average price for homes was down 2.5% year-over-year but saw a slight increase of 0.8% month-over-month.

• Balanced Market: With 3 months of inventory available, the market was balanced.

• Time to Sell: Days on Market remained stable month-over-month.

Click here to view the TRREB Market Watch Report for May 2024

What's happening? Toronto Market Insights

Interest Rates

On June 5th, the Bank of Canada decreased its policy interest rate by 25 basis points. This is the first move since July 2023 and the first reduction since it began increasing the rate in March 2022 from its record low of 0.25%. The last time interest rates were lowered by the Bank of Canada was when the Bank dropped rates to an all-time low at the onset of the pandemic in March 2023.

What Does This Mean for Buyers and Sellers?

For Buyers:

Buyers are poised to benefit from the recent interest rate reduction, which is expected to increase buying power and push more buyers into the market. As a general rule of thumb, a ¼ point decrease in interest rates adds about $10,000 to the average borrower's buying power, though this depends on individual circumstances. However, with more buying power, competition is likely to heat up, especially for entry-level homes. Lower rates can be tempting, but remember that while waiting for further reductions, competition will likely increase. If you buy now, you pay today's prices and can always refinance at a lower rate later. Waiting might get you a lower rate, but you'll likely be paying a higher price.

For Sellers:

Luxury homes have been taking longer to sell in the higher interest rate environment. Hang in there; lower rates may bring more buyers. Expect competition to increase even more on entry-level homes like townhomes and links. These homes are always in demand, and these changes will only spur more competition. With rates finally starting to come down, now is the time to plan your next move. Information is power, and you only benefit by starting the process now.

Conclusion:

In conclusion, May 2024 witnessed a mix of trends in the GTA real estate market, presenting a balanced environment for both buyers and sellers alike. Despite fluctuations in sales compared to last year, there was a notable month-over-month decrease. The surge in new and active listings indicates a healthy influx of properties, while pricing trends remained relatively stable. With inventory levels maintaining a balance, the market is poised for potential changes depending on the upcoming interest rate adjustments. Looking ahead, proactive engagement will be key for both buyers and sellers to capitalize on emerging opportunities. At Jim Stanton & Associates, we're dedicated to providing the guidance and support necessary for navigating this dynamic landscape effectively.

Get the Help You Need:

Regardless of the statistics and the market, you have your own reasons for making a move. A big life event, ambitions, the need to upsize or downsize, or even relocate. The key is to ensure you have someone in your corner representing your best interests. Let us be your guide. Contact Us Today!

Call Ben at 905-995-3372

Greetings, GTA homebuyers and sellers! As we step into June, it's time to reflect on the dynamic real estate landscape that unfolded throughout May 2024. Join us as we uncover the latest insights and trends from the past month, offering a clear perspective on what May's market stats mean for your real estate journey. At Jim Stanton & Associates, our commitment to providing you with valuable information remains steadfast. Let's explore together the opportunities and possibilities that await in the ever-evolving GTA market.

Market Summary: In May 2024, the GTA real estate market showed mixed signals:

• Sales Momentum: Compared to the same period last year, sales decreased by 21.7%. There was a month-over-month decrease of 1.42%.

• Listing Dynamics: New listings were up 21.1% from 2023 and 9.9% month-over-month.

• Active Listings: Active listings saw a significant increase, up 83.3% from 2023 and 20.3% from April 2024.

• Price Trends: The average price for homes was down 2.5% year-over-year but saw a slight increase of 0.8% month-over-month.

• Balanced Market: With 3 months of inventory available, the market was balanced.

• Time to Sell: Days on Market remained stable month-over-month.

Click here to view the TRREB Market Watch Report for May 2024

What's happening locally? Durham & Toronto Market Insights

Every city/town is unique as are the communities within them. Scroll through to find your town.

Interest Rates

On June 5th, the Bank of Canada decreased its policy interest rate by 25 basis points. This is the first move since July 2023 and the first reduction since it began increasing the rate in March 2022 from its record low of 0.25%. The last time interest rates were lowered by the Bank of Canada was when the Bank dropped rates to an all-time low at the onset of the pandemic in March 2023.

What Does This Mean for Buyers and Sellers?

For Buyers:

Buyers are poised to benefit from the recent interest rate reduction, which is expected to increase buying power and push more buyers into the market. As a general rule of thumb, a ¼ point decrease in interest rates adds about $10,000 to the average borrower's buying power, though this depends on individual circumstances. However, with more buying power, competition is likely to heat up, especially for entry-level homes. Lower rates can be tempting, but remember that while waiting for further reductions, competition will likely increase. If you buy now, you pay today's prices and can always refinance at a lower rate later. Waiting might get you a lower rate, but you'll likely be paying a higher price.

For Sellers:

Luxury homes have been taking longer to sell in the higher interest rate environment. Hang in there; lower rates may bring more buyers. Expect competition to increase even more on entry-level homes like townhomes and links. These homes are always in demand, and these changes will only spur more competition. With rates finally starting to come down, now is the time to plan your next move. Information is power, and you only benefit by starting the process now.

Conclusion:

In conclusion, May 2024 witnessed a mix of trends in the GTA real estate market, presenting a balanced environment for both buyers and sellers alike. Despite fluctuations in sales compared to last year, there was a notable month-over-month decrease. The surge in new and active listings indicates a healthy influx of properties, while pricing trends remained relatively stable. With inventory levels maintaining a balance, the market is poised for potential changes depending on the upcoming interest rate adjustments. Looking ahead, proactive engagement will be key for both buyers and sellers to capitalize on emerging opportunities. At Jim Stanton & Associates, we're dedicated to providing the guidance and support necessary for navigating this dynamic landscape effectively.

Get the Help You Need:

Regardless of the statistics and the market, you have your own reasons for making a move. A big life event, ambitions, the need to upsize or downsize, or even relocate. The key is to ensure you have someone in your corner representing your best interests. Let us be your guide. Contact Us Today!

Call Jim at 905-409-9967

MORE MARKET INSIGHTS (Markham/Stouffville & Port Hope/Cobourg)

Originally published June 1, 2023. Updated for 2024

Hey foodies and adventurers! Brian here, one of my favourite foods is ribs. Sauced up and fall off the bone. I don't have them often but I almost always get some at one of Durham Region's Summer Ribfests. If you're a barbecue lover, you're in for a treat because Durham Region is heating up with its finger-licking, lip-smacking RibFest events now! 

Durham Region's RibFest Events feature a mix of tantalizing barbecue and craft beer vendors from across the region and beyond. In addition to ribs and BBQ, many offer a wide array of food options, a midway experience full of rides and carnival games, craft beer options, and even shuttle services to get to and from the grounds.

Grab your napkins, mark your calendars, and get ready to embark on a mouthwatering journey through the region's finest rib festivals. Let's dive in!

Bowmanville's Rocking Rotary Ribs & Brews Date: June 7th to 9th, 2024 Location: Clarington Fields 2375 Baseline Rd. Clarington

Kicking off the rib-tastic extravaganza is Clarington RibFest! Enjoy mouthwatering ribs, a full midway experience plus tons of vendors. The family-friendly atmosphere and live music add to the festivities, making it the perfect event to kick off the summer with your family.

Pickering Rotary RibFest Date: June 14th to 16th, 2024  Location: 1 The Esplanade Park, Pickering.

If you missed out on Clarington that's okay. Next on the list is the next up is the Pickering RibFest is hosted by the Rotary Club of Pickering at near the Pickering Town Centre.

Uxbridge Ribfest Date: June 14th to 16th, 2024 Location: Elgin Park.

Uxbridge’s Ribfest features 4 of North America’s Best Rib Teams coming from Florida, Alabama, BC and Ontario. These “Pitmasters” are ready to serve you and your friends Award-Winning Mouth-Watering BBQ Smoked Ribs.

Whitby Sunrise Rotary RibFest Date: July 12th to 14th, 2024 Location: Victoria Fields, 345 Watson St W, Whitby

Whitby RibFest by Rotary Sunrise at Whitby Harbour! Like Clarington, enjoy a full midway experience and tons of marketplace vendors to shop, and a full line-up of live music all 3 days. Our good friend Bobby McBride from Investing with Bobby is coordinating the musical acts this year so it’s sure to be a hit. He’s even pulled together a custom playlist for in between acts. Check it out here.

Oshawa RibFest Date: August 16th to August 18th, 2024 Location: Lakeview Park, 55 Lakeview Park Ave, Oshawa

Last but not least, The Oshawa RibFest is another can't-miss event! Located in the picturesque Lakeview Park in South Oshawa. Enjoy the ribs, vendors, and live entertainment all weekend long.

So there you have it, folks – a rundown of Durham Region's sizzling RibFest events! Whether you're a local foodie or just seeking delightful experiences, these festivals are a smokey and sweet BBQ journey you don't want to miss. Plan your visit, bring your family and your appetite, and get ready to feast on some of the best ribs around. Happy RibFest-ing!

Greetings, GTA homebuyers and sellers! As we step into May, it's time to reflect on the dynamic real estate landscape that unfolded throughout April 2024. Join us as we uncover the latest insights and trends from the past month, offering a clear perspective on what April's market stats mean for your real estate journey. At Jim Stanton & Associates, our commitment to providing you with valuable information remains steadfast. Let's explore together the opportunities and possibilities that await in the ever-evolving GTA market.

Market Summary

In April 2024, the GTA real estate market stabalized:

• Sales Momentum: Compared to the same period last year, sales came down 5%. There was a month-over-month increase of 8.45%.

• Listing Dynamics: New listings skyrocketed year-over-year increase of 47.2% and a month-over-month increase of 29.12%

• Price Trends: The average price was stable increasiing 0.3% compared to last year and a with an increase of 3.08% from the previous month.

• Slight Seller's Advantage: With 2.54 months of inventory available the market was more balanced. Sellers maintained a slight position of strength.

• Time to Sell: Days on Market remained stable month-over-month and with listings taking a couple days more to sell year-over-year. 

What's happening locally? Durham & Toronto Market Insights

Every city/town is unique as are the communities within them. Scroll through to find your town.

Interest Rates

On April 10th. The Bank of Canada maintained its policy rate. The next scheduled announcement is June 5th. While the Bank has not committed to any specific direction signs are positive that interest rates will be coming down in the future.

What Does This Mean for Buyers and Sellers?

For Buyers:

Buyers benefited from increased in inventory in April and a relatively consistent timeframe to buy although that varies from market to market. The key for buyers will be what happens in June when the Bank of Canada makes it’s next interest rate announcement. The marke is still competitive but it will get even busier if rates come down. Hopefully if that happens more would be sellers will decide to put their home on the market.

• Is May your ideal time to buy?: If rates come down in June more buyers will undoubtedly hit the market and only the presence of a massive increase in sellers will keep pricing down.

• First Time/Renters vs. Movers:  Movers can handle a more competitive market because what they spend in their purchase they can also make up for in their sale. If you are a first time buyer or a renter looking to own you don’t have that advantage. 

For Sellers:

Despite a rise in sales and a surge in new listings, low inventory levels persist, intensifying buyer competition and fostering ample opportunities for sellers. While the spring market may be progressing, don't hesitate to act, even amidst the allure of awaiting more favorable mortgage rates. Consider this:

• Start Now: If you want to make a move before the school bells ring next year now is the time to act. Get your home prepared to sell. Check out our informative Instagram Reel on this very topic HERE.

• Preparation Meets Opportunity: Many sellers are waiting or rates to drop to make a move and that’s understandable. We all know rate relief is on the horizon so start today and be prepared to make your move ahead of the market.

Conclusion:

In conclusion, April 2024 witnessed a stabilization in the GTA real estate market, presenting a balanced environment for both buyers and sellers alike. Despite fluctuations in sales compared to last year, there was notable momentum with an increase from the previous month. The surge in new listings indicates a healthy influx of properties, while pricing trends remained steady. With inventory levels maintaining a modest balance, sellers retained a slight advantage, yet the market remained competitive, particularly in anticipation of potential interest rate adjustments. Looking ahead, proactive engagement will be key for both buyers and sellers to capitalize on emerging opportunities. At Jim Stanton & Associates, we're dedicated to providing the guidance and support necessary for navigating this dynamic landscape effectively.

Get the Help You Need:

Regardless of the statistics and the market you have your own reasons for making a move. A big life event, ambitions, the need to upsize or downsize or even relocate. The key is to ensure you have someone in your corner representing your best interests. Let us be your guide. Contact Us Today!

Call Jim at 905 409 9967

MORE MARKET INSIGHTS (Markham/Stouffville & Port Hope/Cobourg)