RSS

Toronto & GTA Real Estate Market Insights: May 2024 Market Recap

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

Read

GTA Real Estate Market Insights: May 2024 Market Recap

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)

Read

🍖🎉 Unleash Your Inner Foodie at Durham Region's Sizzling RibFest Events! 🍖🎉

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!

Read
Categories:   2022 | 2023 | 2024 | Ajax Real Estate | Amberlea, Pickering Real Estate | Annex, Toronto C02 Real Estate | Anti-Flipping Tax | APSLEY Real Estate | Apsley, North Kawartha Real Estate | attractions | back to school | Bank of Canada | Bay Ridges, Pickering Real Estate | bayview mills | Bendale, Toronto E09 Real Estate | Benjamin Tal | best lawn fertilizer | best weed killer | Blue Grass Meadows, Whitby Real Estate | Bowmanville Real Estate | Bowmanville, Clarington Real Estate | Bridle Path-Sunnybrook-York Mills, Toronto C12 Real Estate | Bridle Path-Sunnybrook-York Mills, Toronto Real Estate | Brooklin, Whitby Real Estate | buyers | buying a home | Canada Economy | Centennial, Oshawa Real Estate | Central Oshawa Go Train Station | Central West, Ajax Real Estate | Central, Oshawa Real Estate | Chandos, North Kawartha Real Estate | Christmas | CIBC | City Centre, Mississauga Real Estate | City of Oshawa | Clarington, Durham Real Estate | clean gutters | clean gutters and downspouts | cleaning your deck | corn gluten | corn gluten meal | coronavirus | Courtice, Clarington Real Estate | covid-19 | covid-19, coronavirus | credit card rate cuts, mortgage payment deferrals, COVID-19, coronavirus | curb appeal | December 2023 Market Update | deck | Donevan, Oshawa Real Estate | downspouts | Downtown Whitby, Whitby Real Estate | drainage | Durham | Durham Region | durham region tourism | Fall Market | farms in durham | February 2023 | February 2024 | fertilizer | financing | Foreign Buyer Ban | gardens | Go Train | Go Transit | government of ontario | GTA | GTA Real Estate Stats | gutter | gutter guards | gutter maintenance | gutters | Holiday Season | home maintenance | Housing Forecast | interest rates | Ipsos | January 2023 | July 2023 | June 2023 | Lakeshore East Go Train Expansion | Lakeview, Oshawa Real Estate | lawn | lawn and garden | lawn care | leak prevention | Little Lake, Cramahe Real Estate | lush green lawn | Lynde Creek, Whitby Real Estate | March 2023 | Market Outlook | Market Stats | market update | May 2023 | May 2024 | McLaughlin, Oshawa Real Estate | mortgage | mortgage rates | Mother's Day | New Development in Central Oshawa | Newcastle, Clarington Real Estate | Newtonbrook East, Toronto C14 Real Estate | North Kawartha Real Estate | north york real estate | Northglen, Oshawa Real Estate | Northwest Ajax, Ajax Real Estate | October 2023 | ontario | ontario government | Open Offer Process | oshawa | Oshawa Real Estate | oshawa botanical garden | Oshawa Go | Oshawa Real Estate | Oshawa, Durham Real Estate | Parade | parenting | parks | peony festivael | pick your own strawberries | Pinecrest, Oshawa Real Estate | Port Whitby, Whitby Real Estate | Pringle Creek, Whitby Real Estate | re-open | real estate legislation | Real Estate Market | Real Estate Market Stats | Real Estate Statistics | Redevelopment in Durham Region | Residential Commercial Development in Oshawa | ribfest | Rolling Acres, Whitby Real Estate | Rouge E10, Toronto E10 Real Estate | Rural Cramahe, Cramahe Real Estate | Rural North Kawartha, North Kawartha Real Estate | Rural Whitby, Whitby Real Estate | sales forecast | Samac, Oshawa Real Estate | Santa | Santa Claus | Santa Claus Parade | school | September 2023 | site seeing | social distancing | South East, Ajax Real Estate | South West, Ajax Real Estate | spring cleaning | st andrews | strawberries | summer events | summer home maintenance | Toronto | Toronto Regional Real Estate Board | Toronto Vacant Home Tax | TRESA | TRREB | TRREB Stats | Trust in Real Estate Services Act | week killer | Whitby Real Estate | Williamsburg, Whitby Real Estate | windfields