Inventory builds, buyer competition heats up — but only in certain segments. Here’s what’s shifting.

🔍 By the Numbers: April at a Glance

• Total Sales: 5,601 (-23.3% YoY, +11.8% MoM)

• Average Selling Price: $1,107,463 (-4.1% YoY, +1.3% MoM)

• New Listings: 17,263 (+8.1% YoY, +9.1% MoM)

• Active Listings: 27,386 (+54% YoY, +16.7% MoM)

• Days on Market:

  • Property DOM: 33 days

  • Listing DOM: 25 daysToronto Regional Real Estate Board+3Toronto Regional Real Estate Board+3Toronto Regional Real Estate Board+3

🧠 Top Takeaway: 

April saw a seasonal uptick in sales and prices, but with inventory rising sharply, the market is shifting toward balance — and buyers are gaining leverage in many segments.

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.

📉 Rates Hold, But Lending Tightens

The Bank of Canada held its benchmark rate steady at 2.75% in April. However, fixed mortgage rates have edged up in recent weeks, and variable rate discounts have narrowed as lenders react to economic uncertainty. Affordability remains a key concern, especially for first-time buyers.

📈 Current Trends:

• BoC Rate: 2.75%

• 5-Year Fixed Averages: ~5.5%

• Variable Rates: ~6.0%

• Bond Yields: Slightly risingFacebook+3John Owen+3New York Post+3

🏠 What’s Changing — and What’s Not

1. Sales Rebound, But Still Below Last Year
Sales increased by 11.8% from March, indicating a seasonal spring uptick. However, they remain 23.3% below April 2024 levels, reflecting ongoing market caution.

2. Inventory Surge Offers More Choices
Active listings rose by 54% year-over-year, providing buyers with more options and reducing the urgency seen in previous months.

3. Entry-Level Homes See Competition
Smaller detached and attached homes, particularly in areas like Durham Region, are experiencing multiple offers, signaling strong demand in this segment.

4. Condo Market Remains Buyer-Friendly
The condo market, especially smaller 1-bedroom units, continues to favor buyers, with ample inventory and negotiable prices.

🗣️ Expert Insight:
“Entry-level homes are attracting significant interest, while larger detached properties require strategic pricing and patience.”

⚖️ Buyers vs. Sellers: Who Has the Edge Right Now?

For Buyers:

• Increased inventory offers more choices, especially in the condo and larger home segments.

• Entry-level homes may involve competition; be prepared for multiple offers.

• Larger detached homes present opportunities for negotiation.

For Sellers:

• Entry-level properties are in demand; proper preparation and pricing are key.

• Larger homes may experience longer selling times; strategic marketing is essential.

• Understanding your market segment and working with an experienced agent can make a significant difference.

🔮 Quick Verdict:

📞 Need Help Navigating This Market?

With the market shifting month by month, strategic advice is more important than ever. Whether you're planning to buy, sell, or just assess your options, our team is here to help you make confident decisions.

👉 Let’s connect — no pressure, just clarity.

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

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

February Market Watch: Homebuyers continued to benefit from substantial choice in the Greater Toronto Area (GTA) resale market in February 2025.

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

Market Dynamics

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

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

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

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

• Days on Market:

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

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

What's happening locally? Toronto Market Insights

Interest Rate & Mortgage Trends

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

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

Key Market Observations

1. Sales Remain Subdued, but Price Stability Emerges

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

2. More Listings, Longer Selling Timelines

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

3. The Condo Market Faces Headwinds

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

4. Economic Uncertainty from Trade War Looms

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

What This Means for Buyers & Sellers

For Buyers:

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

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

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

For Sellers:

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

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

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

Final Thoughts

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

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

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

Call Ben at 905-995-23372

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

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

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

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

Will the Market Favour Buyers or Sellers?

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

How Will Pricing Be Impacted?

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

Will the Market Bounce Back in Terms of Sales Volume?

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

What Will Happen with Interest Rates in 2025?

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

How Will This Impact My Purchasing Power?

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

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

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

Should You Wait to Buy or Sell?

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

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

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

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

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

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

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

Final Thoughts

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

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

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

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

Market Dynamics

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

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

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

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

What's happening locally? Toronto Market Insights

Every city/town is unique as are the communities within them. Scroll through to find your town.

Impact of Interest Rates

Impact of Mortgage Rates

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

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

What Does This Mean for Buyers and Sellers?

What Does This Mean for Buyers and Sellers?

For Buyers:

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

For Sellers:

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

In Conclusion 

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

Get the Help You Need:

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

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

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

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

So what happened?

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

Did the GTA Real Estate Market Bounce Back in 2024?

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

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

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

That said, sellers faced challenges aligning with buyer expectations, often resulting in terminated listings. The GTA saw just over 50,000 listings terminate*. To put that in perspective in 2021, there were over 121,000 sales and under 36,000 listings terminated.

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

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

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

• 2022 Peak: By mid-fall, a stalemate between hesitant buyers and hopeful sellers began to shift, reigniting transactions in October and November while December remained predictably softer.

What Drove Market Activity in 2024?

Several factors shaped the 2024 market:

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

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

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

4. Stalemate Breaking: By mid-fall, a stalemate between hesitant buyers and hopeful sellers began to shift, reigniting transactions.

What Can We Expect in 2025?

Looking ahead, expect a cautious yet optimistic market:

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

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

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

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

Key Takeaway

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

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

CONTACT US

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

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

Market Summary

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

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

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

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

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

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

What's happening locally?  Toronto Market Insights

Impact of Interest Rates

Mortgage Rate Dynamics and Their Impact

On October 23, 2024, the Bank of Canada made a bold move by lowering its policy rate by 0.50% to 3.75%, the largest cut since the cycle began in June. While many anticipated that this would stimulate home sales, October's market activity hints that the mere expectation of the cut may have already influenced buyers to act. As we approach the Bank’s December 11 announcement, another potential rate cut could further drive purchasing activity, particularly for those with increased purchasing power in a more favorable borrowing environment.

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

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

What Does This Mean for Buyers and Sellers?

What Does This Mean for Buyers and Sellers?

For Buyers:

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

For Sellers

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

In Conclusion 

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

Get the Help You Need:

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

Call Ben at 905-995-23372

Feeling stuck in the chicken-and-egg dilemma of buying your dream home and selling your current one? You’re not alone. It’s one of the most common questions we hear: "Should I buy first or sell first?" The good news is, there’s no wrong answer—just the right one for you.

Why This Matters:
It’s natural to feel uncertain about timing. Buying first means you might carry two mortgages temporarily. Selling first means you might need temporary housing. Either way, you’re wondering, What’s the safest option for my family and finances?

Here’s How to Decide:

1. Understand the Market:

   • In a seller’s market (where homes sell quickly), it can often be better to buy first. Why? If you sell first, you’ll benefit from the seller’s market, but when it comes time to buy, you’re competing with everyone else in a rising market, and your sale proceeds may not stretch as far. Buying first allows you to tackle the competitive buying situation upfront and then sell with confidence, knowing you have a place to move to.

   • In a buyer’s market (where homes take longer to sell), selling first is often the smarter choice. If prices are trending downward and there are plenty of properties that meet your needs, selling first ensures you secure the most value from your home. It may take longer, but when you transition to buying, you’ll be in a stronger position to negotiate with more options available.

   • In a balanced market (where homes sell in a reasonable time) the choice is yours. We always recommend assessing the volume of homes on the market that meet what you are looking for in your next home. If you find you have a lot of options it can be safe to sell first. If on the other hand, only something specific will do buying first is the way to go.

2. Know Your Finances:

   • If you buy first, explore bridge financing. This short-term loan helps cover the gap between your purchase and sale.

   • If you sell first, work with your Realtor to negotiate a longer closing date, giving you time to find your new home.

3. Consider Your Risk Tolerance:

   • If carrying two mortgages for a short time feels stressful, selling first provides peace of mind.

   • If you don’t want to rush into buying your next home, buying first gives you flexibility.

   • No matter which you choose, whether to buy or sell first you want to know the market conditions and have a plan for a transition in the market. When a seller’s market flips to a balanced or a buyer’s or vice versa it can throw a curve ball in the best-laid plans. That’s where partnering with an expert lender and realtor® becomes even more important.

Let’s Make It Easy:
Still unsure? We’ll sit down with you, review your finances, and help you navigate the local market. Together, we’ll build a plan that ensures you’re confident every step of the way. Give us a call or send us a message—we’d love to help!

GET OUR HELP NOW

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? 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

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 $1million 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 (Durham Region, 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? Toronto & Durham Region Market Insights

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.

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