As we move into the spring market, the February 2025 housing data from TRREB highlights a market in transition. While sales activity showed a modest month-over-month increase, year-over-year figures remain significantly lower. Interest rate shifts, buyer sentiment, and a glut of condo inventory continue to shape market conditions across the Greater Toronto Area.

Market Dynamics

• Total Sales: The GTA saw sales dip year-over-year to 4,037 (-27.4% YoY, +4.9% MoM)

• Average Selling Price: Selling Prices remained relatively stable averaging $1,084,547 (-4.1% YoY, +1.2% MoM)

• New Listings: February saw new listings grow year over-year up 5.4% to 12,066 and down 2.6% from January.

• Active Listings: Inventory remains significantly elevated, with year-over-year growth in available properties up 76% and 13.9% above January.

• Days on Market:

  • Listing DOM: Listings sell on average in 28 days (+12.0% YoY, -24.3% MoM)

  • Property DOM: Listings that terminate and re-list are on for 43 days (+16.2% YoY, -21.8% MoM)

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 Rate & Mortgage Trends

The Bank of Canada (BoC) initiated its first rate cut of the year in January, bringing the policy rate down to 3.00%, and another cut to 2.75% is anticipated in March. This shift is a response to slowing economic activity and declining inflation. Lower borrowing costs are beginning to make homeownership more accessible for some buyers, particularly those considering variable-rate mortgages.

Meanwhile, fixed mortgage rates have also seen downward pressure, reflecting declining 5-year bond yields. As the bond market anticipates further BoC rate cuts, we may see fixed-rate mortgages continue to decrease, offering buyers improved affordability.

Key Market Observations

1. Sales Remain Subdued, but Price Stability Emerges

   • While sales volumes are down significantly year-over-year, average prices are showing signs of stabilization. Month-over-month growth in pricing suggests some resilience in the market, particularly for well-priced freehold homes.

2. More Listings, Longer Selling Timelines

   • New listings continue to rise, contributing to a more balanced market. While sellers must be strategic with pricing, buyers have greater selection and negotiation power.

3. The Condo Market Faces Headwinds

   • In contrast to freehold properties, GTA condos continue to struggle with an oversupply of listings. With more than six months of inventory in some areas, the condo segment remains firmly in a buyer’s market, placing downward pressure on prices and extending selling timelines.

4. Economic Uncertainty from Trade War Looms

   • The ongoing trade war between the U.S. and Canada, particularly new tariffs on Canadian exports, has introduced economic uncertainty that could impact job markets and consumer confidence. While the full effect on housing remains unclear, uncertainty makes it difficult to predict long-term trends, keeping both buyers and sellers cautious.

What This Means for Buyers & Sellers

For Buyers:

• The market remains favourable for those looking to purchase, with more options and improving affordability as interest rates decline.

• Condos, in particular, offer strong negotiation opportunities due to elevated inventory levels.

• Well-priced properties in desirable areas are still attracting competition, so preparation and decisive action remain important.

For Sellers:

• While prices are showing some stability, strategic pricing and strong presentation are key to attracting serious buyers.

• Homes are taking longer to sell, meaning sellers should be prepared for extended timelines compared to previous years.

• Freehold properties continue to see steady demand, though pricing realistically in the current market is crucial.

Final Thoughts

The GTA real estate market is evolving as interest rates shift and inventory levels rebalance. While challenges persist, particularly in the condo segment, the broader market is adjusting to more balanced conditions. However, the uncertainty surrounding the ongoing trade war adds an additional layer of complexity, making it difficult to predict the long-term trajectory of housing demand.

As we enter the spring market, staying informed and working with experienced professionals will be key to making the right real estate decisions.

Thinking about buying or selling? Contact us today to navigate the market with confidence!

Call Ben at 905-995-23372 or Jim at 905-409-9967

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

January Market Watch: The GTA housing market kicked off 2025 with a mixed bag of activity.

Market Dynamics

Sales Momentum: According to the latest report from TRREB, January saw 3,847 home sales, a 7.9% decrease compared to January 2024. While sales have dipped slightly year-over-year, the market is showing signs of activity, and many homes are experiencing multiple offer scenarios.

Listing Dynamics: New listings have surged by 48.6% compared to last year, totalling 12,392 new homes on the market.

Price Trends: Average home prices have seen a modest increase of 1.5% year-over-year, bringing the average price to $1,040,994.

Market Status: Listings spent an average of 55 days on the market in January,

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.

Impact of Interest Rates

Impact of Mortgage Rates

The Bank of Canada delivered another rate cut in January, reducing the benchmark rate by 0.25% bringing it down to 3.00%. This move offers relief to variable-rate mortgage holders and those seeking new variable-rate options. Fixed mortgage rates have also seen a slight dip recently with some 5 year fixed coming in under the 4% mark.

The next Bank of Canada announcement is on March 12th.

What Does This Mean for Buyers and Sellers?

For Buyers:

This market may present opportunities, especially with new listings on the rise. Additionally, although the average price is up from last year, the MLS® Home Price Index shows a slight increase of just 0.44% year-over-year, meaning prices are relatively stable compared to the broader market trends. If you end up offering on a home that is holding an offer date and priced for multiples, just remember that you likely wont have to break the bank. Look at recent comparable sales and go in at a price you are comfortable with. If you don’t get it, move on knowing you didn’t over pay and the next home of your dreams will become available soon.

For Sellers:

Prices are still holding steady, and even with the current inventory we have seen more offer dates and homes selling in multiple offers. This means your home could see increased competition if it is priced competitively and shows well.

In Conclusion 

The market is showing signs of recovery, with month-over-month sales up in January compared to December 2024, suggesting that the usual seasonal slowdown might be easing.

Get the Help You Need:

Ready to buy or sell in the GTA? Contact us today for expert advice and tailored support to navigate this evolving market. Let’s make 2025 your most successful year yet.

Call Ben at 905-995-23372 or Jim at 905-409-9967

MORE MARKET INSIGHTS (All of Durham Region Markham/Stouffville & Port Hope/Cobourg)

December Market Watch: Seasonal Slowdown Sets the Stage for 2025 Opportunities

As expected, December brought a seasonal cooldown to the GTA housing market. With fewer listings, softened sales, and mixed price trends, both buyers and sellers can find unique opportunities in this quieter time of year. Here’s what the latest data reveals and what it could mean for you.

Market Dynamics

Sales Momentum: December 2024 saw a predictable dip in sales activity, declining 1.8% year-over-year and a significant 43% month-over-month, following November's remarkable 40% year-over-year surge. The seasonal slowdown reflects the typical December pattern as the market winds down for the holidays.

Listing Dynamics: New listings dropped sharply, down nearly 60% from November, but remained 20% higher than December 2023 levels. Active listings, meanwhile, were up 48.5% year-over-year, indicating an inventory buildup compared to the prior December but a noticeable contraction compared to the fall months.

Price Trends: The average sale price for December landed at $1,067,186, down 1.6% year-over-year and 3.5% month-over-month. Looking at the bigger picture, the average sale price for 2024 across all home types came in at $1,117,600—a modest 0.8% dip compared to 2023’s $1,126,263.

Market Status: Listings spent an average of 36 days on the market in December, while total property days on market, including relisted homes, averaged 56 days. These figures underscore the slower pace of activity that defines this time of 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.

Impact of Interest Rates

Impact of Mortgage Rates

The Bank of Canada delivered another rate cut on December 11, reducing the benchmark rate by 0.50%. This move offers relief to variable-rate mortgage holders and those seeking new variable-rate options. However, fixed mortgage rates edged higher earlier in the month, following a lagging response to increased bond yields from the fall. Looking ahead, industry experts anticipate fixed rates will decrease in 2025 as lenders compete for the attention of the 1.2 million Canadians facing mortgage renewals next year.

The next Bank of Canada announcement is on January 24th.

What Does This Mean for Buyers and Sellers?

What Does This Mean for Buyers and Sellers?

For Buyers:

December can present hidden gems for savvy buyers. With fewer active shoppers in the market, competition is reduced, providing more room for negotiation. If you’re able to find a home that fits your needs, you might secure a great deal ahead of the busier spring market.

For Sellers:

A quieter December market can actually work in your favor, with fewer competing listings vying for buyer attention. If your home is well-prepared and strategically marketed, it has the potential to stand out and attract serious buyers. Alternatively, December is an excellent time to prepare for a spring listing, ensuring your home is in prime condition to capitalize on early 2025 demand.

In Conclusion 

The December market slowdown is a natural conclusion to the year, but it sets the stage for exciting opportunities in 2025. With interest rates shifting, inventory tightening, and buyer activity expected to pick up, now is the time to plan your next move strategically.

Get the Help You Need:

Ready to buy or sell in the GTA? Contact us today for expert advice and tailored support to navigate this evolving market. Let’s make 2025 your most successful year yet.

Call Ben at 905-995-23372 or Jim at 905-409-9967

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

As we step into 2025, the real estate market brings a mix of cautious optimism and strategic opportunities. Whether you're looking to buy, sell, or simply understand the shifting landscape, here are the key insights you need to navigate the year ahead with confidence.

Will I Pay More for a Home in 2025 Than in 2024?

Yes, home prices are expected to rise in 2025, but the extent varies by region and property type. The Canadian Real Estate Association (CREA) forecasts a 4.4% increase in the national average home price, reaching $713,375. Royal LePage anticipates a 6.0% year-over-year increase by Q4, with single-family homes leading gains at 7.0% and condos experiencing a more modest 3.5% rise. In the Greater Toronto Area (GTA), detached homes could see a 7.0% increase, while condos may decline by 1.0%.

Will the Market Favour Buyers or Sellers?

The market is likely to tilt toward sellers, driven by tightening supply and increased demand. According to Royal LePage, limited new listings will create a competitive environment, especially for single-family homes. However, the condo market in urban centers like Toronto might offer buyers more opportunities due to an oversupply of inventory.

How Will Pricing Be Impacted?

Price growth will be steady but regionally nuanced. Detached homes, particularly in areas with limited supply, are expected to lead price appreciation. Conversely, the condo market may remain softer, offering a rare window of affordability for first-time buyers. Buyers should keep an eye on local market conditions to identify opportunities.

Will the Market Bounce Back in Terms of Sales Volume?

Yes, sales activity is expected to rebound. CREA predicts a 6.6% increase in national home sales, while RBC and TD Economics project even higher growth rates of 12.5% and 15.8%, respectively. The spring market is expected to kickstart this momentum, fueled by declining interest rates and improved buyer confidence.

What Will Happen with Interest Rates in 2025?

Interest rates are expected to continue declining, albeit at a slower pace. After significant rate cuts in 2024, the Bank of Canada is anticipated to reduce its policy rate to between 2.00% and 3.00% by mid-2025. Fixed mortgage rates should stabilize, and variable-rate loans will likely see further reductions, enhancing affordability for buyers.

How Will This Impact My Purchasing Power?

Lower interest rates will improve purchasing power, particularly for first-time buyers and those looking to upsize. However, affordability challenges remain in high-demand markets. It’s crucial to explore financing options early to understand what’s possible.

If I Have a Mortgage, How Will Interest Rates Affect Me?

For those with variable-rate mortgages, the anticipated rate cuts could lower monthly payments or help you apply more to your principal. Fixed-rate mortgage holders nearing renewal may benefit from reduced rates (based on the bond yields coming down), but it’s essential to review your options with a trusted lender to optimize your financial position.

Should You Wait to Buy or Sell?

No—waiting often means missed opportunities. The best time to move is when it aligns with your personal needs and goals. Timing the market is challenging, even for experts, and the reality is that 2025 remains unpredictable.

What you can control is your preparation. Here’s how to get started:

1. Clarify Your Goals: Define what you need in your next home, including location, size, and features, to support your lifestyle.

2. Research the Market: Explore homes in your desired area to understand pricing and trends.

3. Get a Home Selling Consultation: If you’re selling, learn your home’s current market value and develop a strategy to align your sale with your next purchase.

4. Assess Financing Options: Work with a lender to understand your borrowing capacity, mortgage options, and any penalties for breaking or porting an existing mortgage.

We can help. Contact us today to get expert advice.

Final Thoughts

The 2025 real estate market presents opportunities for those prepared to act. Declining interest rates, improving sales volumes, and region-specific price trends provide a landscape where both buyers and sellers can achieve their goals. Success lies in preparation and timely action—don’t let the headlines deter you from making the move that’s right for you.

If you’re ready to take the next step, the Jim Stanton Team is here to guide you through every stage of your real estate journey. Reach out today to start planning your path to success in 2025.

Oh, 2024. You were supposed to be the belle of the ball. The great rebound after nearly a year of 5% interest rates. Relief was in sight. Rather than shifting into a shopping spree, the market hit a holding pattern. The GTA saw only 67,610 sales, way off the 77,000 forecasted by the Toronto Regional Real Estate Board.

So what happened?

The reality, given all we faced in 2024, the Greater Toronto Area (GTA) real estate market demonstrated a lot of resilience. Let’s dive into the highlights of the year, exploring key trends, challenges, and what’s next for buyers and sellers.

Did the GTA Real Estate Market Bounce Back in 2024?

Yes, but it wasn’t a straight path. After a challenging 2023, where sales dipped significantly, 2024 saw signs of recovery, particularly in the latter half. Average home prices (all home types) was $1,117,600 a decline of less then 1% from 2023. Improving buyer sentiment in October and November, marked the potential beginning of a rebound. However, with sales coming in under 68,000 (short of the Toronto Regional Real Estate Board’s 77,000 forecast), it’s clear the recovery wasn’t uniform across all market segments.

Was It a Buyers’, Sellers’, or Balanced Market?

2024 was predominantly a balanced market, with inventory levels fluctuating between three and four months’ supply throughout the year. This balance gave buyers greater negotiating power compared to the pandemic-driven frenzy of years past. Buyers could secure financing and inspection clauses more frequently, a shift from the high-pressure sales environment of 2022.

That said, sellers faced challenges aligning with buyer expectations, often resulting in terminated listings. The GTA saw just over 50,000 listings terminate*. To put that in perspective in 2021, there were over 121,000 sales and under 32,000 listings terminated.

*Many listings that terminated and relisted and some did so multiple times.

Where Are Prices Relative to the Start of the Year and the 2022 Peak?

• Start of 2024: Prices ended the year similar to where they began (+3.9%), after a slow year thanks to renewed market activity fueled by interest rate cuts and steady inflation declines.

• 2022 Peak: Prices remain below the market peak of early 2022, but the gap is narrowing, with late 2024 sales showing momentum as borrowing costs eased.

What Drove Market Activity in 2024?

Several factors shaped the 2024 market:

1. Interest Rate Cuts: The Bank of Canada’s five consecutive rate cuts (totaling 175 basis points) played a pivotal role. Declining interest rates spurred some buyers to act while others stood pat waiting for rates to go even lower. By year-end, the overnight rate dropped to 3.25%, significantly reducing borrowing costs for buyers (especially those looking for a variable rate).

2. Inventory Dynamics: Increased inventory meant buyers had more choice and less urgency to come to the offer table. Despite this sellers held their ground and demanded market value for their homes.

3. Easing Inflation: Inflation steadily declined, reaching 2.0% by November, which bolstered consumer confidence.

4. Stalemate Breaking: By mid-fall, a stalemate between hesitant buyers and hopeful sellers began to shift, reigniting transactions in October and November while December remained predictably softer.

What Can We Expect in 2025?

Looking ahead, expect a cautious yet optimistic market:

• More Rate Relief: With further mortgage renewals and easing amortization challenges, buyers may find opportunities to re-enter the market.

• Gradual Price Growth: Prices are likely to continue recovering, particularly in high-demand areas like Durham Region.

• Policy Impacts: New federal programs supporting secondary suites and the removal of the stress test for certain mortgage switches and easing of rules for first-time buyers and uninsured mortgages could boost market activity.

• Most experts predict the 2025 Spring Market will be busier than we’ve seen the last 2 years.

Key Takeaway

For both buyers and sellers, understanding market trends and working with a knowledgeable team is critical. The Jim Stanton Real Estate Team prides itself on guiding clients through these complexities with trust, integrity, and proven expertise. Whether you’re navigating today’s opportunities or planning for tomorrow, we’re here to help.

Ready to discuss your goals for 2025? Let’s connect!

CONTACT US

November Market Watch: Is the GTA Housing Recovery Gaining Momentum?

With sales up 40.1% year-over-year and borrowing costs trending lower, the GTA housing market is making headlines. But what’s really happening behind the numbers? While buyers are reaping the benefits of choice and negotiating power, sellers are navigating a balanced market with cautious optimism for 2025. Let’s break down the latest stats and what they mean for you.

Market Dynamics

Sales Momentum: November 2024 saw 5,875 home sales, marking a 40.1% increase year-over-year. However, sales dipped 11.76% month-over-month, reflecting the typical seasonal slowdown as the holiday season approaches.

Listing Dynamics: New listings increased by 6.6% compared to November 2023 but declined significantly by 24.4% from October. Meanwhile, active listings rose 30.2% year-over-year but decreased by 10.9% month-over-month, signaling that the market is tightening as inventory gets absorbed.

Price Trends: The average selling price climbed 2.6% year-over-year to $1,106,050, but dropped 2.6% from October. Single-family homes are seeing stronger price growth, while condos remain a buyer’s market with lower average prices and ample options.

Market Status: With 31 days on the market on average, properties are moving at a steady but not rushed pace. The GTA remains a balanced market, where neither buyers nor sellers have a distinct advantage—a trend expected to persist into 2025

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.

Impact of Interest Rates

Impact of Mortgage Rates

The Bank of Canada’s recent rate cuts continue to shape the market. Borrowing costs are trending lower, helping more buyers enter the market or upgrade to larger homes. With another rate cut anticipated in December, purchasing power is expected to strengthen further, fueling competition into the new year.

Condo buyers, in particular, are benefitting from the current environment, with strong negotiating positions and ample inventory providing opportunities to secure favorable deals. 

The next Bank of Canada announcement is on December 11th.

What Does This Mean for Buyers and Sellers?

What Does This Mean for Buyers and Sellers?

For Buyers:

The window of opportunity is still open, but the market is tightening, especially in the detached home segment. Buyers who act now can take advantage of choice and negotiating power, particularly in the condo market, before competition intensifies in 2025.

For Sellers:

While the market is balanced, sellers cannot take for granted that their property will sell without effort. Strategic pricing and preparation are key to standing out as buyers continue to weigh their options carefully.

In Conclusion 

The GTA housing market is showing signs of recovery, with buyers steadily returning and sellers navigating a balanced market. With interest rates declining and inventory tightening, the stage is set for an accelerating market recovery in 2025. Whether you're buying or selling, planning strategically now can set you up for success in the coming months.

Get the Help You Need:

Ready to buy or sell in the GTA? Contact us today for expert guidance and personalized support to navigate this evolving market and make the most of current opportunities.

Call Ben at 905-995-23372 or Jim at 905-409-9967

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

Re/Max & Zoocasa 2025 Predictions

The 2025 housing market is shaping up to be a year of opportunity, especially in the Durham Region and the Greater Toronto Area (GTA). Two recent reports—Re/Max’s 2025 Canadian Housing Market Outlook and Zoocasa’s 2025 Canadian Housing Market Predictions—offer key insights that paint an optimistic picture for buyers, sellers, and investors alike. Here is how they see things playing out in 2025 and some potential tips for buyers and sellers within the Durham Region.

Lower Rates, Higher Demand

Both reports agree: Declining interest rates are expected to be a game-changer. With the Bank of Canada easing rates and new mortgage rules extending amortization periods to 30 years, sidelined buyers are poised to re-enter the market.

👉 First-Time Buyers Surge: Re/Max predicts an influx of first-time buyers, bolstered by improved affordability. This trend will likely drive demand for entry-level homes, such as townhouses, smaller detached homes, and even some condos.

Balanced Markets Dominate in Ontario

While 44% of Canadian markets will favor sellers, Durham Region is part of the 36% of Ontario markets projected to remain balanced.

✅ Durham’s Advantage: A balanced market means fair opportunities for both buyers and sellers. Prices in Durham are forecasted to rise by 5% over 2024 levels likely stimulated by competition amongst first-time buyers and more downsizers.

🏡 Affordability Shifts: 40% of Canadians are open to exploring new neighborhoods to mitigate affordability challenges. This could make Durham an attractive destination for those priced out of Toronto or other high-cost areas.

Downsizing & Inventory Growth

With 1.2 million Canadian mortgages up for renewal in 2025 (per CMHC), many homeowners will look to downsize to smaller, more affordable properties.

👉 Takeaway for Sellers: If you're considering an upgrade from an entry-level home in 2025, now could be an ideal time to prepare, as downsizing demand and an influx in first-time buyers are expected to fuel competition in the smaller detached and townhouse segments.

Opportunities for Condo Buyers

The condo market has faced challenges, particularly in the GTA, where sales hit record lows in 2024. However, as competition heats up in detached and attached housing, condos could see a resurgence as buyers pivot to more affordable options.

Key Takeaways for 2025

1. Buyers: 2025 is your chance to secure a home before interest rates dip further, potentially pushing 44% of markets into seller territory and driving prices up even in balanced markets. Durham’s balanced market offers excellent opportunities.

2. Sellers: With a 5% price increase expected in Durham, listing your home in the spring market could maximize your return. Better yet, beat the inventory to market and get your listing up ahead of your competition this spring.

What’s Next?

Whether you’re buying, selling, or simply planning your next move, 2025 is brimming with potential. If you’re ready to make a move in the Durham Region or GTA, let us guide you through every step.

Looking to downsize or invest? Drop your questions in the comments or contact us today. Let’s make your 2025 real estate goals a reality!

CONTACT OUR TEAM NOW:

• Ben Stanton, Broker @ 905-995-3372

• Jim Stanton, Broker @905-409-9967

• Brian Stanton, Salesperson @416-571-5272

Have the Bank of Canada’s Interest Rate Cuts been enough to stimulate the Fall Market?

As we move into the final quarter of 2024, the Greater Toronto Area (GTA) real estate market remains dynamic, with signs of both stability and uncertainty. While home sales have shown a modest increase year-over-year and new listings are flooding the market, the anticipated impact of recent interest rate cuts has yet to fully materialize. Buyers are benefiting from more inventory and a slightly more favorable mortgage landscape, but sellers face challenges in pricing homes effectively amidst longer days on market. In this recap, we'll explore key market trends, the evolving mortgage environment, and what these changes mean for buyers and sellers as we approach the end of 2024.

Market Summary

Sales Momentum: October’s sales increased by a remarkable 44.4% from 2023 and 33% from the previous month. This impressive growth points to heightened buyer engagement, likely driven by recent interest rate cuts and increasing consumer confidence in a more balanced market.

• Listing Dynamics: New listings rose modestly by 4.3% year-over-year but fell 15.3% from September, hinting that sellers may be holding back due to the approaching holiday season or expectations of better pricing ahead.

• Active Listings: Although active listings were up by 25.3% year-over-year, they decreased by 4.4% from the previous month, showing signs that excess inventory is gradually being absorbed by the market.

• Price Trends: Average home prices showed a 1.1% increase from last year and a 2.5% rise from September, indicating gradual price stability with slight upward pressure as competition picks up.

• Market Status: With 3.68 months of inventory available, the GTA remains in a balanced market, with a sales-to-new-listings ratio of 43%. This offers both buyers and sellers unique opportunities as the market continues to stabilize.

• Time to Sell: Listings spent an average of 27 days on the market, with an overall average selling time of 43 days when you take into account listings that terminated and relisted. This reflects the need for competitive pricing and strategic positioning as buyers weigh their options in a still-saturated market.

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.

Impact of Interest Rates

Mortgage Rate Dynamics and Their Impact

On October 23, 2024, the Bank of Canada made a bold move by lowering its policy rate by 0.50% to 3.75%, the largest cut since the cycle began in June. While many anticipated that this would stimulate home sales, October's market activity hints that the mere expectation of the cut may have already influenced buyers to act.

As we approach the Bank’s December 11 announcement, another potential rate cut could further drive purchasing activity, particularly for those with increased purchasing power in a more favorable borrowing environment.

Effect on Variable-Rate Mortgages: For adjustable-rate mortgage holders, this recent rate cut could equate to approximately $30 less in monthly payments per $100,000 of mortgage debt, based on a 25-year amortization. For fixed-payment variable-rate mortgage holders, more of each payment will go toward building equity.

Impact on Fixed Rates: In contrast, fixed-rate mortgage holders may see modest rate hikes, as lenders have started adjusting rates slightly. These incremental adjustments stem partly from recent U.S. elections and market responses.

What Does This Mean for Buyers and Sellers?

What Does This Mean for Buyers and Sellers?

For Buyers:

The surge in sales activity shows competition is heating up, but with a substantial inventory still on the market, buyers continue to have leverage for negotiating and submitting conditional offers. However, this window of opportunity won’t remain open indefinitely, as sidelined buyers are likely to re-enter as rate cuts continue.

For Sellers

For those planning to sell, October’s sales momentum is an encouraging signal. As inventory often slows around the holiday season, there’s potential for fewer listings and increased demand from motivated buyers. If inventory continues to shrink, sellers can anticipate stronger competition and possibly favorable pricing dynamics.

In Conclusion 

With active listings still substantial but gradually reducing the market's balance will depend on whether sales growth continues into the winter months. The next few months will reveal if buyers will jump in now or await further rate cuts, which will likely intensify competition as we move toward spring.

Get the Help You Need:

Ready to buy or sell in the GTA? Contact us today for expert guidance and personalized support to navigate this evolving market and make the most of current opportunities.

Call Ben at 905-995-23372 or Jim at 905-409-9967

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

Discover the Magic of the Holiday Season in the Durham Region. Shop these Holiday Markets!

Experience the warmth and wonder of the holiday season with Durham Region’s charming Christmas markets and festive events! These markets capture the spirit of the holidays, offering everything from unique gifts and seasonal treats to live entertainment and family-friendly activities. Here’s your guide to the must-visit Christmas markets in Durham Region for 2024.

Read to the very end for a special surprise holiday market 9 years in the making.

🎄 November Christmas Markets 🎄

1. Uxbridge Farmers’ Christmas Market
   When: Sundays, November 3 - December 8, 2024, 10 a.m. - 3 p.m.
   Where: Uxbridge Arena Hall, 291 Brock Street West, Uxbridge
   What’s Special: Shop for locally crafted treasures, from handmade candles to jewelry, in a relaxed, festive setting. Free admission makes this market ideal for early holiday shoppers looking for unique finds.

2. Bright & Merry Market, Oshawa
   When: Friday, November 15, 2024, 5 p.m. - 9 p.m.
   Where: City Hall to Memorial Park, Oshawa
   What’s Special: Enjoy Oshawa’s holiday tree-lighting ceremony, browse local vendor booths, and meet Santa! With live entertainment in the crisp November air, this outdoor market is perfect for kicking off the holiday season.

3. Downtown Whitby Christmas Market
   When: Friday, November 15, 5 p.m. - 10 p.m.; Saturday, November 16, 10 a.m. - 8 p.m.
   Where: Celebration Square, 405 Dundas St. W., Whitby
   What’s Special: This popular annual market offers unique crafts, holiday entertainment, and delicious food trucks. With free trolley rides and carolers, it’s a lively way to spend the weekend with family and friends.

4. Christmas Market at Niemi Family Farm, Mount Albert
   When: Fridays & Saturdays, November 15 - December 21, 2024, 12 p.m. - 8 p.m.
   Where: 18463 Highway 48, Mount Albert
   What’s Special: Inspired by Scandinavian traditions, this market includes handmade Finnish gifts, a Christmas train ride, and a visit from Santa. Entry is free, though some attractions require tickets.

5. 13th Annual Christmas Craft Bazaar, Whitby
   When: Sunday, November 17, 2024, 10 a.m. - 3 p.m.
   Where: Royal Canadian Legion Branch 112, 117 Byron St. S., Whitby
   What’s Special: Explore a range of artisanal crafts, perfect for finding one-of-a-kind holiday gifts while supporting local talent.

6. Holiday in the Hills, Orono
   When: Opening Friday, November 22, 2024
   Where: 2 Princess Street, Orono, Ontario
   What’s Special: Step into a winter wonderland featuring Santa’s Mail Room, Elf School, and a Bear Factory. Tickets are required for this immersive holiday experience.

7. Christmas in the Village, Brooklin
   When: Saturday, November 23, 2024
   Where: Downtown Brooklin, Whitby
   What’s Special: Enjoy small town holiday charm with a pancake breakfast, a Christmas market, carol singing, family-friendly activities, and a free community skate.

8. Holiday Market by Community Living, Ajax
   When: Saturday, November 30, 2024, 9 a.m. - 3 p.m.
   Where: 177 Dowty Road, Ajax
   What’s Special: Hosted by Community Living, this market not only provides great holiday shopping but also supports local charities through collections of food items and winter accessories.

9. Bowmanville Christmas Market
   When: Saturday, November 30, 2024, 10 a.m. - 3 p.m.
   Where: Garnet B. Rickard Recreation Center, Bowmanville
   What’s Special: Enjoy a day of festive shopping with local gifts, seasonal treats, and decorations to get you into the holiday spirit.

🎅 December Christmas Markets 🎅

10. Pingle’s Farm Market Christmas Fest, Hampton
    When: Weekends, December 2 - 17, 2024, 9:30 a.m. - 4 p.m.
    Where: 805 Taunton Road, Hampton
    What’s Special: This farm celebration includes live music, bonfires, wagon rides, and visits with Santa. Make sure to purchase tickets online in advance for a full day of family-friendly fun!

11. Moonlight Magic & Christmas Market, Bowmanville
    When: Friday, December 6, 2024, 5 p.m. - 9 p.m.
    Where: Temperance Street, Historic Downtown Bowmanville
    What’s Special: Delight in a festive tree-lighting, children’s entertainment, and complimentary horse-drawn wagon rides. Browse unique handmade gifts while enjoying seasonal treats and extended shopping hours.

🎉 9 Years in the Making 🎊

12. 🎁 Picks & Giggles 9th Annual Holiday Market 🎁

Where: Upper level of the old Sears building, Oshawa Centre
Dates & Hours:

• November 23 & 24: Saturday 10 a.m. - 8 p.m., Sunday 10 a.m. - 7 p.m.

• November 30 & December 1: Saturday 10 a.m. - 8 p.m., Sunday 10 a.m. - 7 p.m.

• December 7 & 8: Saturday 10 a.m. - 8 p.m., Sunday 10 a.m. - 7 p.m.

• December 14 & 15: Saturday 10 a.m. - 8 p.m., Sunday 10 a.m. - 7 p.m.

What’s Special:
For the first time, Picks & Giggles’ highly anticipated Holiday Market will be hosted at the Oshawa Centre, complete with its own entrance and a massive sign facing King Street! Over four weekends, this unique market series will spotlight a diverse array of artisans, designers, and small businesses from Ontario. Each of the eight market days will showcase a rotating lineup of vendors, ensuring something new to discover each time. Alongside unique shopping opportunities, guests can enjoy live entertainment and holiday music to enhance the festive experience.

Admission: $5 per market day or $10 for an all-access pass that covers all eight days (Kids under 14 enter free).

With vendors specializing in jewelry, food, fashion, art, home, and lifestyle goods, Picks & Giggles is the perfect place to find meaningful, locally crafted gifts for everyone on your list. Don’t miss out—stay tuned to their website for updates, event announcements, and a full list of featured vendors.

Make the Season Bright in teh Durham Region

Durham Region’s Christmas markets offer more than just shopping—they’re community gatherings that capture the spirit of the holidays. Mark your calendar and join the festivities to make the most of this magical season!

Top Santa Claus Parades to Ring in the Holidays in Durham Region

The holiday season is fast approaching, and there's no better way to start the festivities than with a classic Santa Claus parade! Durham Region offers a fantastic lineup of parades, perfect for families, friends, and holiday lovers alike. These parades bring communities together with colorful floats, cheerful music, dazzling lights, and, of course, Santa himself. Mark your calendars and get ready to celebrate in Bowmanville, Oshawa, Pickering, Whitby, Courtice, and Scugog.

1. Bowmanville Santa Claus Parade

• Date: Saturday, November 16, 2024

• Time: 10:30 a.m.

• Location: King Street, Bowmanville, ON

Kick off the holiday season with Bowmanville’s morning parade, known for its hometown warmth and community spirit. With festive floats, live music, and holiday characters, this parade is sure to bring a smile to every face. Be sure to arrive early to secure a great viewing spot!

2. Oshawa Santa Claus Parade of Lights

• Date: Saturday, November 16, 2024

• Time: 6:00 p.m.

• Location: Bond St. W, Downtown Oshawa, ON

Experience the magic of the season in Oshawa’s Parade of Lights, an enchanting evening event that brightens downtown with sparkling floats and lively performances. This illuminated parade is a must for anyone wanting to celebrate the holidays under the stars.

3. Newcastle Santa Parade

• Date: Saturday, November 17, 2024

• Time: 5:30 p.m.

• Location: Downtown Newcastle, ON

Newcastle’s parade kicks off with a fireworks display and features everything from marching bands to twinkling floats. With this year’s theme, "O Little Town of Newcastle," the night-time parade will be filled with sounds, lights, and seasonal magic. Join the tree-lighting ceremony at 5 p.m. outside the Newcastle Town Hall before the parade begins.

4. Pickering Santa Claus Parade

• Date: Saturday, November 23, 2024

• Time: 10:00 a.m.

• Location: The Esplanade S, Pickering, ON

Gather with family and friends in the heart of Pickering for this morning parade, filled with lively floats, marching bands, and sightings of Santa. This family-friendly event is ideal for embracing the holiday spirit.

5. Santa’s Spectacle of Lights – Ajax Santa Claus Parade

• Date: Saturday, November 23, 2024

• Time: 6:00 p.m.

• Location: Bayly St. and Harwood Ave. S, Ajax

Join the festive glow at Ajax’s Santa Spectacle of Lights, featuring over 50 illuminated floats, marching bands, and local groups. After the parade, head to Town Hall and the Ajax Public Library for a tree-lighting ceremony and community celebration.

6. The Original Santa Claus Parade – Toronto

• Date: Sunday, November 24, 2024

• Time: 12:30 p.m.

• Location: Starts at Christie Pitts and ends at St. Lawrence Market, Toronto, ON

Join Toronto’s legendary Santa Claus Parade, a tradition since 1905, bringing festive floats, marching bands, Celebrity Clowns, and, of course, Mrs. Claus and Santa himself to the streets! This 120th annual parade will also be streamed live on YouTube, allowing fans nationwide to experience the magic of the season.

7. Whitby Santa Claus Parade (Morning)

• Date: Saturday, December 7, 2024

• Time: 10:00 a.m.–12:00 p.m.

• Location: Brock St N, Whitby, ON

The morning parade in Whitby, beginning at the Lynde House Museum, brings holiday cheer with beautifully decorated floats, music, and local entertainers. It’s a great way to kick off the day and get into the holiday spirit!

8. Whitby Santa Claus Parade (Afternoon)

• Date: Saturday, December 7, 2024

• Time: 3:00–5:00 p.m.

• Location: Brock St N, Whitby, ON

For those who miss the morning parade, Whitby’s afternoon event offers another chance to catch Santa and enjoy the festive atmosphere with your family.

9. Courtice Santa Claus Parade

• Date: Saturday, December 7, 2024

• Time: 5:00 p.m.

• Location: Nash Rd, Courtice, ON

The Courtice Santa Claus Parade lights up the evening with festive floats and performers. Wrap up warmly and join the community for this evening celebration filled with holiday joy.

10. Scugog Santa Claus Parade — Sideroads of Scugog

• Date: Saturday, December 7, 2024

• Time: 6:00–8:00 p.m.

• Location: Palmer Park, Port Perry, ON

End your holiday parade tour with a visit to the charming Scugog Santa Claus Parade. This evening event captures the small-town magic of the season with beautifully lit floats and festive entertainment.

Parade Day Tips

Preparing for a Santa Claus parade is all about staying comfortable and making the most of this festive experience. Here are some tips to help you enjoy the event to the fullest:

• Dress for the Weather: Durham Region can be chilly in the winter months, so bundle up in layers, hats, scarves, and gloves to stay warm.

• Bring Seating: Pack blankets or portable lawn chairs to secure a cozy spot along the parade route.

• Support Local Charities: Many parades welcome non-perishable food donations. Consider bringing items to share the holiday spirit and support those in need.

• Don’t Forget Santa’s Mail: If your kids have letters for Santa, bring them along! Many parades have a place to drop off letters, ensuring they get straight to the North Pole.

• Pack Snacks and Warm Drinks: To keep everyone comfortable, bring along hot chocolate, coffee, and easy-to-carry snacks. They’ll help keep spirits high as you enjoy the festivities.

These simple tips can make a big difference in keeping you and your loved ones happy and cozy during the parade. Enjoy the magic of the season!

Enjoy the festivities

So, whether you're in Toronto or the Durham Region, these Santa Claus parades are sure to get you into the holiday spirit. Bundle up, gather your loved ones, and head out to enjoy the festive floats, holiday music, and the magic of Santa himself. Make this holiday season unforgettable with the joy of a Santa Claus parade!

Gathering in Honor: A Guide to Remembrance Day Ceremonies Across Durham Region

As we approach Remembrance Day on November 11th, communities across Durham Region come together to honor and remember those who served and sacrificed for our freedom. Here’s a roundup of local ceremonies and parades to mark this important day.

Ajax

• November 11th, 10:45 a.m. – Remembrance Day Observance at the Royal Canadian Legion, Ajax Branch (111 Hunt Street).

Brock Township

• Beaverton: November 11th, Parade at 10:45 a.m. from Beaverton Fire Station (183 Bay Street). Ceremony follows at 11:00 a.m. at the Beaverton Cenotaph (397 Simcoe Street).

• Cannington: November 11th, 8:00 a.m. Sunrise Service in front of Cannington Legion (72 Peace Street). At 11:00 a.m., Remembrance Day Ceremony at McLeod Park. Light refreshments at Cannington Legion afterward.

• Sunderland: November 11th, Remembrance Day Service begins at 10:15 a.m. at Sunderland Legion Branch 141. Parade departs at 10:40 a.m., with a Cenotaph service at 11:00 a.m. Lunch provided post-service.

Clarington

• Bowmanville: November 11th, Service and Parade at 10:25 a.m., with the parade leaving the Legion at 10:30 a.m. and concluding at the Town Hall cenotaph (40 Temperance Street).

• Newcastle: November 11th, 10:30 a.m. at the Newcastle Legion and Cenotaph (20 King Avenue West).

• Newtonville: November 9th, Remembrance Service at 10:30 a.m. at Newtonville Cenotaph (4498 Highway 2).

• Orono: November 10th, Parade at 1:15 p.m. from Rebekah Hall to Orono Cenotaph. Service begins at 1:30 p.m.

• Wilmot Creek: November 11th, 7:00 p.m. Remembrance Service at 1 Wheelhouse Drive.

Oshawa

• November 11th, 10:30 a.m. – For additional information on Oshawa ceremonies, click here.

Pickering

• November 10th, 10:30 a.m. – Parade and Service at Pickering Cenotaph (One The Esplanade).

• November 11th, 10:45 a.m. – Remembrance Day Parade and Ceremony at the Pickering Cenotaph.

Scugog (Port Perry)

• November 11th, 10:45 a.m. – Remembrance Day Ceremony at the Scugog Cenotaph (181 Perry Street). Procession begins at 10:30 a.m. from the Scugog Library.

Toronto

• November 11th, 10:45 a.m. – Multiple ceremonies at Old City Hall, Scarborough War Memorial, East York Civic Centre, Etobicoke Civic Centre, York Civic Centre, Fort York, and Queen’s Park. Livestream available on the City’s YouTube channel starting at 10:55 a.m.

Uxbridge

• November 11th, 10:30 a.m. – Veterans Parade starts near The Music Hall, with the ceremony following at the Cenotaph (Toronto & Brock Streets) around 10:45 a.m.

Whitby

• Brooklin: November 11th, 11:00 a.m. at Brooklin Cenotaph (8 Vipond Road).

• Camp X: November 11th, 11:00 a.m. at Intrepid Park (2008 Boundary Road).

• Whitby Legion: November 11th, 10:00 a.m. Service at the Whitby Legion (109 Dundas Street East).

Take a moment this Remembrance Day to honor those who served and continue to serve. Together, let's remember and reflect on the courage and dedication of our veterans and active service members.

Have the Bank of Canada’s Interest Rate Cuts been enough to stimulate the Fall Market?

As we move into the final quarter of 2024, the Greater Toronto Area (GTA) real estate market remains dynamic, with signs of both stability and uncertainty. While home sales have shown a modest increase year-over-year and new listings are flooding the market, the anticipated impact of recent interest rate cuts has yet to fully materialize. Buyers are benefiting from more inventory and a slightly more favorable mortgage landscape, but sellers face challenges in pricing homes effectively amidst longer days on market. In this recap, we'll explore key market trends, the evolving mortgage environment, and what these changes mean for buyers and sellers as we approach the end of 2024.

Market Summary

• Sales Momentum: Sales in September 2024 saw an 8.5% increase compared to September 2023 and remained relatively stable month-over-month, with just a 0.42% uptick.

• Listing Dynamics: New listings jumped significantly, increasing by 10.5% year-over-year and an impressive 44.2% from the previous month.

• Active Listings: Active listings surged by 35.5% compared to September 2023, and by 13.1% from last month, signaling more homes are entering the market.

• Price Trends: While average home prices dipped by 1% year-over-year, they rebounded with a 3.1% rise from August, indicating some short-term price recovery.

• Market Status: With five months of inventory available, the GTA remains in a buyer's market. The sales-to-new-listings ratio remained steady compared to last year but dropped by 12% from last month due to the influx of new listings.

• Time to Sell: On average, listings spent 28 days on the market, but properties took an overall average of 44 days to sell, reflecting the need for strategic pricing.

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.

Impact of Interest Rates & New Mortgage Rules

New Mortgage Rules:

The Canadian government introduced new mortgage rules that will extend amortization periods to 30 years for first-time homebuyers and buyers of new builds, reducing monthly payments but increasing long-term costs. Additionally, mortgage insurance qualifications now apply to homes priced between $1 million and $1.5 million, lowering the down payment requirements. 

Read more on how the new rules work and the pros and cons here.

Bank of Canada Rate Cuts & Fixed Rates:

On September 4th, 2024, the Bank of Canada lowered its policy rate by 0.25%, marking its third consecutive reduction, bringing it to 4.25%. A further rate cut, expected to be up to 0.50%, is anticipated on October 23rd. 

Fixed Rates which aren’t tied to the BoC policy rate but to Bonds have been trending down which have helped lower fixed-rate mortgages below 4% in some cases. This is a result of competition amongst the lenders according to Canadian Mortgage Trends. Recent fluctuations in the bond yield may change this. While interest rates continue to evolve, fixed rates remain more attractive than variable rates at present, offering buyers some stability.

The question remains not will they but when will variable rates get below fixed rates?

For buyers and sellers, these rate adjustments highlight the dynamic nature of the housing market. As more rate cuts are expected, more buyers could be incentivized to enter the market, but the landscape remains complex and ever-changing.

What Does This Mean for Buyers and Sellers?

For Buyers

Buyers can take advantage of increased inventory, particularly in the condo market, and the prospect of better mortgage rates. However, it’s essential to stay vigilant, as competition may increase when the market reaches its lowest point. Working closely with a knowledgeable agent who can assess market trends and a lender who can navigate the shifting mortgage landscape will help ensure you secure the best deal.

For Sellers

For sellers, effective pricing is critical. The extended days on market, averaging 44 days, suggest that many homes are not being priced appropriately. This often leads to reduced investment in marketing and staging, which can further lengthen the selling process. Pricing your home strategically, based on current market data, can help attract serious buyers more quickly and avoid long listings and multiple price adjustments.

In Conclusion 

Despite the Bank of Canada's recent rate cuts, their immediate effect on the GTA real estate market has been limited, with sales and buyer activity yet to significantly pick up. The market remains in a buyer's territory, characterized by high inventory and longer selling periods. However, as interest rates continue to decrease and recent changes to mortgage qualifications and extended amortization periods begin to take effect, we anticipate a more substantial shift heading into late 2024 and into 2025. Both buyers and sellers should remain informed and ready to adapt to these evolving conditions, ensuring they make well-timed and strategic decisions in the months ahead.

Get the Help You Need:

Ready to buy or sell in the GTA? Contact us today for expert guidance and personalized support to navigate this evolving market and make the most of current opportunities.

Call Ben at 905-995-23372 or Jim at 905-409-9967

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