January Market Update

In January 2024, the average selling price of homes across the GTA experienced a one percent year-over-year decline, settling at $1,026,703 according to The MLS® Home Price Index Composite.

Home sales increased compared to the same month in 2023. This rise was partly due to certain homebuyers taking advantage of lower interest rates linked to fixed-rate mortgages.

New property listings also saw a year-over-year increase, the growth rate was lower than that of home sales resulting in tighter market conditions, compared to the previous year, suggesting the possibility of renewed price growth as we transition into the spring market.

The increased demand, coupled with a more modest increase in available homes, may contribute to a potential uptick in housing prices.

Durham & Toronto Market Insights

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January 2024 Market Stats Durham

Reflecting on last month's post

Last month we proposed the ways our housing market could go in 2024 largely hinging on the potential for mortgage rates to come down based on a reduction in the Bank of Canada's (BoC) policy and that of the fixed-rate bond market.

Well if January is any indication a return to a Seller's Market is imminent. With the BoC pausing rates for the 4th consecutive decision in January and fixed rates looking more favorable buyers have gotten a head start on the Spring Market.

What we are seeing on the ground

In a market characterized by both increased sales and a surge in property listings, home buyers and sellers find themselves navigating a dynamic and competitive landscape.

For Buyers

The spike in listings provides buyers with a broader array of options, but the heightened demand, particularly in the lower price range, has resulted in more properties receiving multiple offers. Despite the competitive atmosphere, there remains ample opportunity for savvy buyers to find a suitable property and engage in negotiations.

For Sellers

Sellers, on the other hand, are benefiting from the renewed demand, potentially receiving more attractive offers. Overall, the market's equilibrium between increased sales and listings creates an environment where both buyers and sellers must adapt to changing dynamics while recognizing opportunities for successful transactions.

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

January 2024 Market Stats Markham Stouffeville

December Market Update

The average home price was $1,084,692 in December up 3.2% year-over-year across the GTA in December and flat month-over-month.

Active listings were up compared to 2022 yet down 38.12% vs. November this year. However, a reduction in listings in December is normal through the holiday season. 

Days on Market increased as well both year-over-year and month-over-month.

With 3 months of inventory, the GTA Housing Market was balanced in December 2023.

Durham & Toronto Market Insights

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

December 2023 Market Stats Durham

December 2023 Market Stats Toronto

What we are seeing on the ground. 

For Buyers

When a market is more balanced and not favouring one side or the other negotiations become more important for buyers and sellers. We continue to see offers accepted with conditions included. It’s become the norm for offers to include Home Inspection and Financing clauses. Beyond understanding the market value for homes and what to offer, Buyers need to go in with the right clauses to give them peace of mind. Sellers need to evaluate offers on more than just price and ensure their agent is qualifying buyers as best as possible when considering an offer.

For Sellers

Many sellers terminated their listings in December as the buyer pool shrunk with the holiday season and our expectation is many will relist in the new year. We have noticed several listings have gone through price changes or were terminated and relisted with new pricing in the last quarter of 2023. For sellers, this is where it is key to know the value of your home, how much you need to get to make the move you want, and what pricing strategy will be most effective in your local market.

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

After a long snowing winter, the spring market is heating up

Last month we passed the one-year anniversary of the peak of housing prices and while the news may be preoccupied with the 17.9% year-over-year decline in GTA housing prices we’re more concerned with what buyers and sellers like you are working with today.

Has the housing market come full circle? One statistic is pointing to that conclusion.

Last month saw a typical increase in homes hitting the market from the previous month but inventory remains very low. We saw significantly fewer transactions as well in February but one statistic give us a clue that competition is heating up. Days on market are declining indicating buyers are getting more aggressive.

In fact, on the street, we’re seeing a significant increase in homes selling in multiple offers and average days on market dropping significantly something we’ll be keeping an eye on in the coming weeks.

Here are the stats for Markets Across the GTA in February 2023.

Durham February Market Watch Snapshot TRREB Data by Brian Stanton

Toronto & York Region February Market Watch Snapshot TRREB Data by Brian Stanton

Cobourg Port Hope February Market Watch Snapshot TRREB Data by Brian Stanton

THE BOTTOM LINE

FOR BUYERS: You can still make a conditional purchase and while competition is heating up in some markets for certain properties there lots of opportunities to find the home you want at good value. If you’re contemplating a buy and are on the sidelines there are a couple important first steps. Reach out and we can help you get the ball rolling.

FOR SELLERS: Now is a great time to sell your home. With more buyers entering the market and competition heating up you can benefit from the limited supply. You’ll want to consult with a realtor to determine how to make your move and how to best prepare your home so you get top dollar. Reach out to Jim and he'll help you get started