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)

The federal government is introducing 30-year amortization loan periods for all first-time homebuyers as well as buyers of new builds, even if it’s not their first home.

The government has also expanded mortgage insurance qualification to cover houses that cost more than $1 million, up to $1.5 million.

These changes are set to take effective Dec. 15, 2024.

THE BENEFITS FOR BUYERS

By stretching their payments for more years buyers can reduce their monthly payments increasing affordability and helping them pass the mortgage stress test when qualifying.

With mortgage insurance expanding to homes $1M - $1.5M more buyers will be able to enter the market in areas where average home prices are over the $1M mark with lower downpayment’s, including many neighbourhoods across the GTA. 

THE DRAWBACK 

The most obvious is that it will take longer to pay off your loan and that means you are paying interest for longer which means more interest over time.

HOW WILL THIS IMPACT THE REAL ESTATE MARKET

These changes may lead to an uptick in prices by bringing more buyers to the market, especially at a time where interest rates are coming down from recent highs. 

It is likely to have the biggest impact on homes valued just over the $1M mark by increasing the buyer pool for these homes which may send a ripple through the market and add to upward pressure on prices.

To learn more about how these impacts may affect your real estate goals, please reach out, we are always excited to share our knowledge and help you achieve success.

Is housing in the GTA becoming more affordable?

GTA home sales fell 5.3% year-over-year in August 2024, with a slight increase in new listings. Despite a modest dip in average home prices, the market remains well-supplied. Recent Bank of Canada rate cuts are expected to enhance affordability, especially for first-time buyers.

Market Summary

• Sales Momentum: Sales decreased by 5.3% compared to August 2023 and 7.72% from July 2024.

• Listing Dynamics: New listings were up 1.5% year-over-year but down 23% from July 2024.

• Active Listings: Active listings increased by 46% from 2023 but saw a 5.1% decline from July 2024.

• Price Trends: Average home prices were down 0.8% year-over-year and 7.72% from July 2024.

• Market Status: With 5 months of inventory, the GTA market is currently in a buyer's market. Sales to new listings ratio fell 3% from 2023 but rose 7% from July.

• Time to Sell: Listings spent an average of 28 days on the market, while properties were on the market for 44 days.

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

On September 4th the Bank of Canada reduced it’s policy rate for the third straight time by a quarter point. The Bank of Canada’s recent rate cut is poised to improve housing affordability, particularly benefiting those with variable-rate mortgages. As borrowing costs decrease, we anticipate increased first-time buyer activity, which could stimulate the condo market and overall housing demand.

What Does This Mean for Buyers and Sellers?

For Buyers

Buyers will find favorable conditions with lower mortgage rates and modestly reduced home prices. The current market offers more choices, particularly in the condo sector, making it an opportune moment for those looking to enter or upgrade within the market.

For Sellers

Sellers in the GTA may experience a slower pace of sales due to the year-over-year decline, despite a stable inventory. With average prices slightly down, sellers should be prepared for modest offers but can benefit from increased buyer interest as affordability improves over time.

In Conclusion 

The GTA housing market is navigating a period of adjustment with declining sales and slightly lower prices. The recent rate cut promises to boost affordability and buyer activity, setting the stage for a gradual market recovery.

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)

The Greater Toronto Area (GTA) real estate market favoured buyers in July with the inventory outpacing sales giving buyers lots to choose from and a slight relief in selling prices on average. With more rate cuts on the horizon, the Fall market could offer buyers a fantastic opportunity to strike.

Market Summary

• Number of Sales:

  • Up 3.3% year-over-year

  • Down 1.7% month-over-month

• Price Trend:

  • Average price down 0.9% year-over-year

  • Average price up 0.1% month-over-month

• New Listings:

  • Up 18.5% compared to July 2023

  • Down 9.3% from June 2024

• Active Listings:

  • Up 55.4% from July 2023

  • Up 1.1% compared to June 2024

• Market Status:

  • Sales to new listings ratio at 33% (compared to 35% in July 2023)

  • Approximately 4.2 months of inventory, indicating a balanced market

• Time on Market:

  • Listings remained on the market for an average of 36 days, up 6 day from June 2024

Despite a second interest rate cut by the Bank of Canada many buyers remain on the sidelines.

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

In July, the Bank of Canada dropped its policy rate by another 0.25%. “We may be starting to see a positive impact from the two Bank of Canada rate cuts announced in June and July. Additionally, the cost of borrowing is anticipated to decline further in the coming months. Expect sales to accelerate as buyers benefit from lower monthly mortgage payments,” said TRREB President Jennifer Pearce.

What This Means for Buyers and Sellers

For Buyers

• Increased Choice: With a rise in new and active listings, buyers have more options to choose from.

• Competition: Buyers are in the driver seat for now, but as the cost of borrowing goes down competition is likely to go up.

• Move-up Buyers: This is a great time to move up the property ladder if you are looking to upgrade to a home with more space or property.

For Sellers

• Selective Buyers: With more inventory available, buyers are becoming more selective and less aggressive.

• Strategic Pricing: Properly pricing your home is crucial. It needs to be attractive enough to draw in buyers while still meeting your financial expectations.

• Entry Level Homes Remain in High Demand: Homes under $1 million continue to generate considerable attention from buyers. Particularly entry-level townhomes and detached homes that are well-prepared.

Conclusion

July 2024 has once again been a month of balance and cautious optimism in the GTA real estate market. As we approach the fall market buyers will likely benefit from more interest rate cuts. With lower borrowing costs and a good inventory of homes on the market, this fall could offer GTA home buyers the opportunity they have been waiting for.

Call to Action

Whether you're looking to buy or sell a home, navigating the real estate market can be challenging. Contact us today for expert guidance and personalized service to help you achieve your real estate goals. Contact us today.

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

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

The Greater Toronto Area (GTA) real estate market showed interesting dynamics in June 2024. While there were shifts in sales numbers and pricing trends, the market remained relatively balanced. Here’s a detailed look at the market activity and what it means for buyers and sellers.

Market Summary

• Number of Sales:

  • Down 16.4% year-over-year

  • Down 11.41% month-over-month

• Price Trend:

  • Average price down 1.6% year-over-year

  • Average price down 0.3% month-over-month

• New Listings:

  • Up 12.3% compared to June 2023

  • Down 3.5% from May 2024

• Active Listings:

  • Up 67.4% from June 2023

  • Up 8.5% compared to May 2024

• Market Status:

  • Sales to new listings ratio at 35% (compared to 36% in June 2023)

  • Approximately 4 months of inventory, indicating a balanced market

• Time on Market:

  • Listings remained on the market for an average of 20 days, up 1 day from May 2024

Despite an increase in inventory, the average price held relatively steady, showing resilience in the market and sellers not willing to sell below market value.

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

In June, the Bank of Canada dropped its policy rate by 0.25%. While this move was expected to boost sales, the anticipated surge in buyer activity did not materialize. Many buyers chose to remain on the sidelines, as the adjustments in rates and prices were not sufficient to spur significant purchasing activity. The next rate announcement is expected on July 24th, which could further influence market conditions.

What This Means for Buyers and Sellers

For Buyers

• Increased Choice: With a rise in new and active listings, buyers have more options to choose from.

• Less Competition: The decrease in sales means fewer bidding wars, although prime properties still attract multiple offers.

• Opportunity in Luxury Market: The more expensive luxury market is starting to slow down and many markets are seeing homes sell below asking price. This is an opportunity for buyers who find themselves in a good position to buy. 

For Sellers

• Selective Buyers: With more inventory available, buyers are becoming more selective and less aggressive.

• Strategic Pricing: Properly pricing your home is crucial. It needs to be attractive enough to draw in buyers while still meeting your financial expectations.

• Entry Level Homes Remain in High Demand: Homes under $1million continue to generate considerable attention from buyers. Particularly entry level townhomes and detached homes that are well prepared.

Conclusion

June 2024 has been a month of balance and cautious optimism in the GTA real estate market. The modest changes in prices and sales, combined with increased inventory, provide a stable environment for both buyers and sellers. The summer is typically a slower time for sales as buyers direct their attention to summer holidays but good homes are still selling fast. As always we keep an eye on the market and wait to see how interest rates and rising inventory levels affect sales into the summer.

Call to Action

Whether you're looking to buy or sell a home, navigating the real estate market can be challenging. Contact us today for expert guidance and personalized service to help you achieve your real estate goals. Contact us today.

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

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

Greetings, GTA homebuyers and sellers! As we step into June, it's time to reflect on the dynamic real estate landscape that unfolded throughout May 2024. Join us as we uncover the latest insights and trends from the past month, offering a clear perspective on what May'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 May 2024, the GTA real estate market showed mixed signals:

• Sales Momentum: Compared to the same period last year, sales decreased by 21.7%. There was a month-over-month decrease of 1.42%.

• Listing Dynamics: New listings were up 21.1% from 2023 and 9.9% month-over-month.

• Active Listings: Active listings saw a significant increase, up 83.3% from 2023 and 20.3% from April 2024.

• Price Trends: The average price for homes was down 2.5% year-over-year but saw a slight increase of 0.8% month-over-month.

• Balanced Market: With 3 months of inventory available, the market was balanced.

• Time to Sell: Days on Market remained stable month-over-month.

Click here to view the TRREB Market Watch Report for May 2024

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 June 5th, the Bank of Canada decreased its policy interest rate by 25 basis points. This is the first move since July 2023 and the first reduction since it began increasing the rate in March 2022 from its record low of 0.25%. The last time interest rates were lowered by the Bank of Canada was when the Bank dropped rates to an all-time low at the onset of the pandemic in March 2023.

What Does This Mean for Buyers and Sellers?

For Buyers:

Buyers are poised to benefit from the recent interest rate reduction, which is expected to increase buying power and push more buyers into the market. As a general rule of thumb, a ¼ point decrease in interest rates adds about $10,000 to the average borrower's buying power, though this depends on individual circumstances. However, with more buying power, competition is likely to heat up, especially for entry-level homes. Lower rates can be tempting, but remember that while waiting for further reductions, competition will likely increase. If you buy now, you pay today's prices and can always refinance at a lower rate later. Waiting might get you a lower rate, but you'll likely be paying a higher price.

For Sellers:

Luxury homes have been taking longer to sell in the higher interest rate environment. Hang in there; lower rates may bring more buyers. Expect competition to increase even more on entry-level homes like townhomes and links. These homes are always in demand, and these changes will only spur more competition. With rates finally starting to come down, now is the time to plan your next move. Information is power, and you only benefit by starting the process now.

Conclusion:

In conclusion, May 2024 witnessed a mix of trends 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 a notable month-over-month decrease. The surge in new and active listings indicates a healthy influx of properties, while pricing trends remained relatively stable. With inventory levels maintaining a balance, the market is poised for potential changes depending on the upcoming 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 (Markham/Stouffville & Port Hope/Cobourg)

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 (Markham/Stouffville & Port Hope/Cobourg)