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.
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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:
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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.
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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:
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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.
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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!
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