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June 2024 Market Recap: Real Estate Sales in the GTA

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? Toronto & Durham Region Market Insights

Design by Ben Stanton

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.


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June 2024 Market Recap: Real Estate Sales in the GTA

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)

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Toronto & GTA Real Estate Market Insights: May 2024 Market Recap

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? Toronto Market Insights

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 Ben at 905-995-3372

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GTA Real Estate Market Insights: May 2024 Market Recap

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)

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🍖🎉 Unleash Your Inner Foodie at Durham Region's Sizzling RibFest Events! 🍖🎉

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!

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GTA Real Estate Market Insights: April 2024 Market Recap

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)

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New property listed in Rural Whitby, Whitby

I have listed a new property at 285 Hamers RD S in Whitby. See details here

Amazing Opportunity! Build Your Estate Home On 1 Acre Level Lot. Perfectly Located on a quiet cul de sac next to protected conservation land. Enjoy country living and only 5 minutes to Brooklin Whitby's main strip! Easy access to Hwy 12, 407,412 makes commuting to the city or heading north a breeze. Endless Possibilities From This Elevated Vantage Point Surrounded By Nature As Far As The Eye Can See!

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New property listed in Rural North Kawartha, North Kawartha

I have listed a new property at 220 Rd Bayshore RD in North Kawartha. See details here

Opportunity to build on Chandos Lake! , Located 15+ minutes north of the charming town of Apsley, Ontario, within a 2-hour drive from the eastern edge of the GTA. Via 407 to 115 to 28. Private lot / 1.74 acres of land with small island - 300 feet of Lakefront with Year-round access / Private Road $225 yearly Road Fees /There is Hydro on the property servicing the trailer. The property includes pin 282710707(shore road allowance). Legal Description CONC. 8 PT LT 25 PT 3 45R2899, T/W R6877052 & PT RDAL IN FRONT OF LT 25 BEING PT 1 PL 45R14193 CHANDOS TOWNSHIP, PTB COOpportunity Knocks to purchase a piece of paradise on Chandos Lake! , Located 15+ minutes north of the charming town of Apsley, Ontario, within a 2-hour drive from the eastern edge of the GTA. Via 407 to 115 to 28. Private lot / 1.74 acres of land with small island - 300 feet of Lakefront with Year-round access / Private Road $225 yearly Road Fees /There is Hydro on the property servicing the trailer. The property includes pin 282710707(shore road allowance). Legal Description CONC. 8 PT LT 25 PT 3 45R2899, T/W R6877052 & PT RDAL IN FRONT OF LT 25 BEING PT 1 PL 45R14193 CHANDOS TOWNSHIP, PTB CO

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On May 12 Celebrate Mom at one of these local spots

Looking for the best way to spend Mother's Day? Check out these spots all around Durham Region hosting Mother's Day Events.

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Greetings, GTA homebuyers and sellers! As we reflect on the bustling real estate activities of March 2024, we're thrilled to share insights that paint a vivid picture of opportunity in our dynamic market. At Jim Stanton & Associates, our dedication to keeping you informed remains steadfast. Join us as we analyze the numbers from last month and explore what they mean for your future in real estate.

Market Summary

The GTA real estate market remained busy through March:

  • Sales Momentum: Compared to the same period last year, sales came down 4.5% yet there was a significant month-over-month increase of 17%.
  • Listing Dynamics: New listings experienced a year-over-year increase of 15% and a comparable month-over-month increase of 15%.
  • Price Trends: The average price demonstrated steady growth, with a 1.3% increase compared to last year and a stable increase of 1.16% from the previous month.
  • Seller's Advantage: With 1.9 months of inventory available, sellers continued to enjoy favorable conditions in the market.

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.

March 2024 Market Stats Toronto
 

Interest Rates

On March 6th the Bank of Canada held its policy rate at 5% for the 6th consecutive time. The next announcement is on April 10th. While many predict rates to come down at some point in 2024 consensus seems to be the Bank of Canada will hold again for the 7th time on April 10th. We'll update this post when the news comes in.

What Does This Mean for Buyers and Sellers?

For Buyers:

Buyers will benefit from increases in inventory as the Spring Market chugs along but they now have less time to buy with Days on Market for many property types across the GTA coming down. To ensure success buyers should:

  • Be Ready to Act: Don't miss out on an opportunity. With homes selling faster be prepared with your financing so you can make that offer on your dream home.

  • Date the Rate:  With rates expected to come down purchasing now will benefit you later in renewal. When rates do start to come down you can bet prices will go up.

For Sellers:

Despite a rise in sales and a surge in new listings, low inventory levels persist, intensifying buyer competition and fostering ample opportunities for sellers. While the spring market may be progressing, don't hesitate to act, even amidst the allure of awaiting more favorable mortgage rates. Consider this:

  • Seize the Moment: Higher demand could fetch you a premium price, potentially offsetting any future price increases when rates drop. Consider leveraging this opportunity to maximize returns, not only on the sale of your current property but also on your next home.

  • Favorable Outlook: With prices continuing to climb and properties spending less time on the market, now is an opportune time to strategize your next move. Confidence is key as positive trends persist in the market."


Conclusion:


In conclusion, March 2024 has unveiled a real estate landscape brimming with opportunities for both buyers and sellers across the GTA. Despite a slight dip in year-over-year sales, the market exhibited robust month-over-month growth, showcasing its resilience and dynamism. Sellers continue to enjoy favorable conditions with low inventory levels, while buyers can capitalize on the steady increase in available listings and stable pricing trends. As we eagerly anticipate the Bank of Canada's upcoming announcement on interest rates, it's imperative for buyers to act swiftly and sellers to seize the moment. Whether you're looking to enter the market or make a move, staying informed and proactive will be key to achieving your real estate goals in the months ahead. At Jim Stanton & Associates, we remain dedicated to guiding you through every step of your journey with expertise and insight.

Get the Help You Need

Regardless of the statistics and the market you have your own reasons for making a move. A big life event, ambitions, the need to upsize or downsize or even relocate. The key is to ensure you have someone in your corner representing your best interests. Let us be your guide. Contact Us Today!

 

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

March 2024 Market Stats Markham Stouffville


March 2024 Market Stats Port Hope & Cobourg
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February 2024 GTA Real Estate Market Update

Greetings, GTA homebuyers and sellers! As we step into March 2024, the real estate market continues to paint an exciting picture of growth and opportunity. At Jim Stanton & Associates, we're dedicated to providing you with the latest insights to help you make informed decisions in this dynamic environment. Let's delve into the numbers and what they mean for you.

Market Summary

In February 2024, the GTA real estate market witnessed notable shifts:

  • Sales Momentum: Compared to the same period last year, sales surged by an impressive 17.9%. Additionally, there was a significant month-over-month increase of 32%.
  • Listing Dynamics: New listings experienced a substantial uptick, with a year-over-year increase of 33.5% and a noteworthy month-over-month rise of 37%.
  • Price Trends: The average price demonstrated steady growth, with a 1.1% increase compared to last year and a substantial jump of almost 9% from the previous month.
  • Seller's Advantage: With 1.98 months of inventory available, sellers continued to enjoy favorable conditions in the 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


February 2024 Market Stats Durham


February 2024 Market Stats Toronto

What Does This Mean for Buyers and Sellers?

For Buyers:

In a landscape where competition is heating up, but inventory is also rising (just not outpacing sales any longer). preparation is key. To capitalize on opportunities, buyers should:

  • Financial Readiness:  Ensure your finances are in order and work with a reputable lender who can provide guidance and support throughout the buying process.
  • Offer Strategy:  Familiarize yourself with different offer processes, including the Open Offer Process, to navigate negotiations effectively.
  • Market Value Analysis:  Gain insights into how list prices are determined and understand the true market value of a property to make informed decisions.

Opportunity Awaits:

With increasing inventory and the promise of even more homes hitting the market in the spring, now is an opportune time for buyers who are ready to make their move. By staying informed and prepared, buyers can navigate the competitive landscape with confidence and find the perfect home to suit their needs.

For Sellers:

While the market is currently favoring sellers, it's important to note that nothing is guaranteed. With the significant increase in new listings—up by 33.5% year-over-year and 37% month-over-month—buyers now have more options available to them. Consequently, not every home will attract multiple offers.

To position your home for success in this competitive landscape, focus on:

  • Accurate Pricing:  Ensure your home is priced competitively to attract the attention of potential buyers and encourage multiple offers.
  • Strategic Presentation:  Invest in staging and presenting your home in its best light to captivate buyers' attention and maximize its appeal.
  • Effective Marketing:  Work with a skilled real estate team, like Jim Stanton & Associates, to implement targeted marketing strategies that reach the right audience and generate interest in your property.

By prioritizing these key factors, you can increase the likelihood of receiving multiple offers and securing the highest and best price for your home.

Get the Help You Need:

At Jim Stanton & Associates, we're here to provide guidance and support tailored to your unique needs. Our team is dedicated to offering personalized assistance in preparing, pricing, and promoting your home based on current market dynamics. Let us be your trusted partners as you navigate the exciting journey of buying or selling real estate in the GTA.

Conclusion:

As we navigate the dynamic GTA real estate market, it's evident that opportunities abound for both buyers and sellers alike. With informed decisions and strategic guidance, you can make the most of these opportunities and achieve your real estate objectives. Reach out to Jim Stanton & Associates today, and let's embark on this journey together, ensuring your success every step of the way.

Contact US

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

February 2024 Market Stats Markham and Stouffville


February 2024 Market Stats Port Hope and Cobourg

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Spring Cleaning Checklist: 10 Essential Tasks for March

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!

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