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)

Originally published June 1, 2023. Updated for 2024

Hey foodies and adventurers! Brian here, one of my favourite foods is ribs. Sauced up and fall off the bone. I don't have them often but I almost always get some at one of Durham Region's Summer Ribfests. If you're a barbecue lover, you're in for a treat because Durham Region is heating up with its finger-licking, lip-smacking RibFest events now! 

Durham Region's RibFest Events feature a mix of tantalizing barbecue and craft beer vendors from across the region and beyond. In addition to ribs and BBQ, many offer a wide array of food options, a midway experience full of rides and carnival games, craft beer options, and even shuttle services to get to and from the grounds.

Grab your napkins, mark your calendars, and get ready to embark on a mouthwatering journey through the region's finest rib festivals. Let's dive in!

Bowmanville's Rocking Rotary Ribs & Brews Date: June 7th to 9th, 2024 Location: Clarington Fields 2375 Baseline Rd. Clarington

Kicking off the rib-tastic extravaganza is Clarington RibFest! Enjoy mouthwatering ribs, a full midway experience plus tons of vendors. The family-friendly atmosphere and live music add to the festivities, making it the perfect event to kick off the summer with your family.

Pickering Rotary RibFest Date: June 14th to 16th, 2024  Location: 1 The Esplanade Park, Pickering.

If you missed out on Clarington that's okay. Next on the list is the next up is the Pickering RibFest is hosted by the Rotary Club of Pickering at near the Pickering Town Centre.

Uxbridge Ribfest Date: June 14th to 16th, 2024 Location: Elgin Park.

Uxbridge’s Ribfest features 4 of North America’s Best Rib Teams coming from Florida, Alabama, BC and Ontario. These “Pitmasters” are ready to serve you and your friends Award-Winning Mouth-Watering BBQ Smoked Ribs.

Whitby Sunrise Rotary RibFest Date: July 12th to 14th, 2024 Location: Victoria Fields, 345 Watson St W, Whitby

Whitby RibFest by Rotary Sunrise at Whitby Harbour! Like Clarington, enjoy a full midway experience and tons of marketplace vendors to shop, and a full line-up of live music all 3 days. Our good friend Bobby McBride from Investing with Bobby is coordinating the musical acts this year so it’s sure to be a hit. He’s even pulled together a custom playlist for in between acts. Check it out here.

Oshawa RibFest Date: August 16th to August 18th, 2024 Location: Lakeview Park, 55 Lakeview Park Ave, Oshawa

Last but not least, The Oshawa RibFest is another can't-miss event! Located in the picturesque Lakeview Park in South Oshawa. Enjoy the ribs, vendors, and live entertainment all weekend long.

So there you have it, folks – a rundown of Durham Region's sizzling RibFest events! Whether you're a local foodie or just seeking delightful experiences, these festivals are a smokey and sweet BBQ journey you don't want to miss. Plan your visit, bring your family and your appetite, and get ready to feast on some of the best ribs around. Happy RibFest-ing!

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)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Here's why:

Reason 1: Massive New Development

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

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

Reason 2: New Central Oshawa GO Train Station

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

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

Summary:

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

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