Greetings, GTA homebuyers and sellers! As we reflect on the bustling real estate activities of March 2024, we're thrilled to share insights that paint a vivid picture of opportunity in our dynamic market. At Jim Stanton & Associates, our dedication to keeping you informed remains steadfast. Join us as we analyze the numbers from last month and explore what they mean for your future in real estate.

Market Summary

The GTA real estate market remained busy through March:

• Sales Momentum: Compared to the same period last year, sales came down 4.5% yet there was a significant month-over-month increase of 17%.
• Listing Dynamics: New listings experienced a year-over-year increase of 15% and a comparable month-over-month increase of 15%.
• Price Trends: The average price demonstrated steady growth, with a 1.3% increase compared to last year and a stable increase of 1.16% from the previous month.
• Seller's Advantage: With 1.9 months of inventory available, sellers continued to enjoy favorable conditions in the market.

Interest Rates

On March 6th the Bank of Canada held its policy rate at 5% for the 6th consecutive time. The next announcement is on April 10th. While many predict rates to come down at some point in 2024 consensus seems to be the Bank of Canada will hold again for the 7th time on April 10th. We'll update this post when the news comes in.

What Does This Mean for Buyers and Sellers?

For Buyers:

Buyers will benefit from increases in inventory as the Spring Market chugs along but they now have less time to buy with Days on Market for many property types across the GTA coming down. To ensure success buyers should:

• Be Ready to Act: Don't miss out on an opportunity. With homes selling faster be prepared with your financing so you can make that offer on your dream home.

• Date the Rate:  With rates expected to come down purchasing now will benefit you later in renewal. When rates do start to come down you can bet prices will go up.

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:

• Seize the Moment: Higher demand could fetch you a premium price, potentially offsetting any future price increases when rates drop. Consider leveraging this opportunity to maximize returns, not only on the sale of your current property but also on your next home.

• Favorable Outlook: With prices continuing to climb and properties spending less time on the market, now is an opportune time to strategize your next move. Confidence is key as positive trends persist in the market."

Conclusion:

In conclusion, March 2024 has unveiled a real estate landscape brimming with opportunities for both buyers and sellers across the GTA. Despite a slight dip in year-over-year sales, the market exhibited robust month-over-month growth, showcasing its resilience and dynamism. Sellers continue to enjoy favorable conditions with low inventory levels, while buyers can capitalize on the steady increase in available listings and stable pricing trends. As we eagerly anticipate the Bank of Canada's upcoming announcement on interest rates, it's imperative for buyers to act swiftly and sellers to seize the moment. Whether you're looking to enter the market or make a move, staying informed and proactive will be key to achieving your real estate goals in the months ahead. At Jim Stanton & Associates, we remain dedicated to guiding you through every step of your journey with expertise and insight.

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!

February 2024 GTA Real Estate Market Update

Market Summary

In February 2024, the GTA real estate market witnessed notable shifts:

• Sales Momentum: Compared to the same period last year, sales surged by an impressive 17.9%. Additionally, there was a significant month-over-month increase of 32%.
• Listing Dynamics: New listings experienced a substantial uptick, with a year-over-year increase of 33.5% and a noteworthy month-over-month rise of 37%.
• Price Trends: The average price demonstrated steady growth, with a 1.1% increase compared to last year and a substantial jump of almost 9% from the previous month.
• Seller's Advantage: With 1.98 months of inventory available, sellers continued to enjoy favorable conditions in the market.

What Does This Mean for Buyers and Sellers?

For Buyers:

In a landscape where competition is heating up, but inventory is also rising (just not outpacing sales any longer). preparation is key. To capitalize on opportunities, buyers should:

• Financial Readiness:  Ensure your finances are in order and work with a reputable lender who can provide guidance and support throughout the buying process.
• Offer Strategy:  Familiarize yourself with different offer processes, including the Open Offer Process, to navigate negotiations effectively.
• Market Value Analysis:  Gain insights into how list prices are determined and understand the true market value of a property to make informed decisions.

Opportunity Awaits:

With increasing inventory and the promise of even more homes hitting the market in the spring, now is an opportune time for buyers who are ready to make their move. By staying informed and prepared, buyers can navigate the competitive landscape with confidence and find the perfect home to suit their needs.

For Sellers:

While the market is currently favoring sellers, it's important to note that nothing is guaranteed. With the significant increase in new listings—up by 33.5% year-over-year and 37% month-over-month—buyers now have more options available to them. Consequently, not every home will attract multiple offers.

To position your home for success in this competitive landscape, focus on:

• Accurate Pricing:  Ensure your home is priced competitively to attract the attention of potential buyers and encourage multiple offers.
• Strategic Presentation:  Invest in staging and presenting your home in its best light to captivate buyers' attention and maximize its appeal.
• Effective Marketing:  Work with a skilled real estate team, like Jim Stanton & Associates, to implement targeted marketing strategies that reach the right audience and generate interest in your property.

By prioritizing these key factors, you can increase the likelihood of receiving multiple offers and securing the highest and best price for your home.

Get the Help You Need:

At Jim Stanton & Associates, we're here to provide guidance and support tailored to your unique needs. Our team is dedicated to offering personalized assistance in preparing, pricing, and promoting your home based on current market dynamics. Let us be your trusted partners as you navigate the exciting journey of buying or selling real estate in the GTA.

Conclusion:

As we navigate the dynamic GTA real estate market, it's evident that opportunities abound for both buyers and sellers alike. With informed decisions and strategic guidance, you can make the most of these opportunities and achieve your real estate objectives. Reach out to Jim Stanton & Associates today, and let's embark on this journey together, ensuring your success every step of the way.

Contact US

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

February 2024 Market Stats Markham and Stouffville

February 2024 Market Stats Port Hope and Cobourg