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

As the chill of winter fades away and the freshness of spring beckons, it's time to give your home a revitalizing makeover.

Neglecting spring cleaning tasks in March can lead to a range of issues, including increased allergens, pest infestations, decreased indoor air quality, decreased appliance lifespan, unpleasant odors, and visual discomfort. Regular maintenance and cleaning are essential for a healthy, comfortable, and enjoyable living environment.

Spring cleaning isn't just about tidying up; it's a chance to refresh and rejuvenate your living space.

Here's a handy checklist of 10 essential tasks to tackle this March:

1. Declutter Every Room:  Start by decluttering each room in your home. Rid yourself of items you no longer need or use. Donate, recycle, or discard as necessary. Decluttering not only makes your space look better but also promotes mental clarity and calmness.

2. Deep Clean Floors:  Give your floors some love by deep cleaning them. Vacuum carpets thoroughly, paying attention to corners and under furniture. For hardwood or tile floors, mop with a gentle cleaner to remove dirt and grime.

3. Dust and Polish Surfaces: Dust accumulates over the winter months, so it's time to banish it. Dust all surfaces, including shelves, tables, and light fixtures. Don't forget to polish wood furniture for a gleaming finish.

4. Wash Windows and Treatments: Let the spring sunshine in by cleaning your windows inside and out. Remember, it's best to avoid washing windows on sunny days as the sunlight can cause streaks. Instead, choose an overcast day for streak-free results. Don't overlook window treatments like curtains or blinds – give them a good wash or vacuum to remove dust and allergens.

5. Deep Clean Kitchen Appliances:  Your kitchen appliances have likely seen a lot of action during the winter holidays. Give them a thorough cleaning inside and out. Don't forget the refrigerator coils and oven racks!

6. Freshen Up Bedding and Mattresses:  Wash all bedding, including sheets, pillowcases, and duvet covers. Take this opportunity to rotate and flip mattresses for even wear and tear.

7. Organize Closets and Storage Spaces: Take stock of your closets and storage areas. Donate unused clothing and accessories, and organize what's left. Invest in storage solutions like bins or baskets to maximize space.

8. Clean and Inspect HVAC Systems:  As the weather warms up, it's a good time to clean or replace HVAC filters. Schedule a professional inspection and maintenance service to ensure your heating and cooling systems are running efficiently.

9. Refresh Bathroom Fixtures: Scrub bathroom surfaces, including sinks, toilets, and tubs. Replace worn-out shower curtains or liners, and stock up on essential toiletries for a fresh start to spring.

10. Tidy Outdoor Spaces:  Don't forget about the exterior of your home! Sweep pathways, clean outdoor furniture, and spruce up your garden or patio. Trim bushes and trees as needed to welcome the new season.

By tackling these 10 essential tasks for spring cleaning in March, you'll not only enjoy a cleaner and more organized home but also set the stage for a vibrant and refreshing spring season ahead. Happy cleaning!

Central Oshawa is on the brink of a remarkable transformation, and for prospective homebuyers, there couldn't be a more opportune moment to invest in this thriving community. 

Here's why:

Reason 1: Massive New Development

Central Oshawa is set to undergo a monumental redevelopment with plans for a sprawling 17.7-acre project situated directly south of the forthcoming Central Oshawa GO Train Station. This ambitious venture will see the emergence of 8-15 new buildings, encompassing a staggering 5,600 residential units and 70,000 square feet of retail and commercial space, all nestled alongside an inviting urban park. The scale of this development is unprecedented and promises to infuse the area with newfound vitality and dynamism.

The proposed project represents a significant step towards establishing Central Oshawa as a vibrant, mixed-use, transit-oriented neighborhood. With future regional rapid transit connectivity in the pipeline, the stage is set for a wave of community investment and growth. The inclusion of residential towers, street-level commercial establishments, and expansive green spaces underscores a commitment to fostering a diverse and sustainable urban environment.

Reason 2: New Central Oshawa GO Train Station

As part of the Lakeshore East Expansion Project, Central Oshawa is slated to welcome a brand-new GO Train Station. This station will be nestled between Simcoe St. S. and Ritson Rd. S., will serve as a pivotal multi-modal transportation hub, offering seamless connectivity for commuters and residents alike. With rush hour service every 30 minutes, commuters can look forward to trimming 15 minutes off their daily travel time, enhancing both convenience and accessibility.

Moreover, the new station is poised to catalyze revitalization efforts in the surrounding area, positioning Central Oshawa as a thriving transit-oriented hub. From providing a vital link to the regional transit system to accommodating the diverse needs of students and the workforce, this station promises to be a transformative addition to the community.

Summary:

In summary, the impending redevelopment of Central Oshawa heralds a new era of opportunity and growth for prospective homeowners. With the prospect of a vibrant mixed-use community taking shape and enhanced transit infrastructure on the horizon, Central Oshawa is primed to emerge as a sought-after destination for residents and investors alike. By seizing the opportunity to invest in this burgeoning locale now, homeowners stand to benefit from the immense value appreciation and enriched quality of life that this transformative redevelopment promises to deliver. The time to embrace the promise of Central Oshawa's future is now.

Connect with our team to learn about your buying options in Central Oshawa, what home values are like, and how you can take advantage of this opportunity as a homeowner or investor. Contact US

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. While 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. While new property listings also saw a year-over-year increase, the growth rate was lower than that of home sales. The resulting tighter market conditions, compared to the previous year, suggest the possibility of renewed price growth as we transition into the spring market. Essentially, the increased demand, coupled with a more modest increase in available homes, may contribute to a potential uptick in housing prices.

 Toronto Market Insights

1920x965-January 2024 Market Stats Toronto by Ben Stanton

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. 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. 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.

 In a news release the federal government has announced that it will be extending the: Prohibition on the Purchase of Residential Property by Non-Canadians Act,

Known as “the Foreign Buyers Ban” for an additional 2 years. This means the ban on foreign buyers will be in place until at least 2027. 

Key Highlights of the Act include:

• The Act defines residential property as buildings with 3 dwelling units or less. This includes semi-detached houses and condominium units. The Act doesn’t prohibit the purchase of larger buildings with 4 or more dwelling units.
• Non-Canadians can purchase residential properties located outside of Census Metropolitan Areas (CMA) and Census Agglomerations (CA). CMA is defined as having a population of over 100,000 with 50,000 or more living in the core. CA defined as having a population of over 10,000.

*contact me today to find out what areas are not included in this ban.

• Certain exceptions apply allowing Non-Canadians to purchase a residential property in defined circumstances. Including temporary residents working or studying in Canada, refugees and non-Canadian spouses or common law partners buying with their partner or spouse who is Canadian or has an exemption.
• If a non-Canadian, or anyone who knowingly assists a non-Canadian, is convicted of violating the prohibition, they will have to pay a fine of up to $10,000. Additionally, a court can order the sale of the residential property.

Source: CMHC

 I hope you found this information helpful and please feel free to reach out if you have any questions relating to this or anything else real estate related.