January 2024 Market Update

January 2024 Market Update

January 2024 Market Update
January 2024 Market Update

Hello,

I hope everyone is enjoying the above-average temperatures this winter. As 2024 unfolds, purchasers are re-entering the residential real estate market due to lower borrowing costs linked with fixed mortgage rates.

Tighter market conditions compared to the same period last year potentially indicate renewed price growth as we enter the spring market.

January saw 4,223 sales, marking a 37% increase compared to January 2023. Active listings also rose by 8.5%. Stronger sales growth relative to listings suggests buyers are facing a tighter market compared to a year ago. The average selling price decreased by one percent year-over-year to $1,026,703.

Jason Mercer, Chief Market Analyst at the Toronto Regional Real Estate Board, stated that once the Bank of Canada starts cutting its policy rate, likely in the second half of 2024, home sales are expected to pick up even further. Increased demand and limited supply of listings will intensify competition among buyers in 2024.

The sentiment across the residential real estate industry is that the inventory of available homes for sale remains low, currently under two and a half months. As a growing province and city, we constantly need new housing. Without new inventory, prices and rents will continue to rise at an unhealthy pace. If you’ve considered investing in real estate, New Construction could be an intriguing option. Developers offer extended deposit structures where the 15%-20% deposit is paid over the four to five-year construction cycle. New homes and condominiums are not built unless they are pre-sold. To learn more about this process and ensure you align yourself with the right developer, please contact me.

I’m happy to assist with all your real estate needs. Please don’t hesitate to reach out, and I look forward to connecting with you soon.

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