Hello everyone!
It’s hard to believe that the first quarter of 2024 is nearing close, and even harder to believe that ‘Winter’ is almost over. That said, the arrival of March brings with it much excitement – warm weather, the kick-off of a Spring real estate market, tax season, and the opportunity to win 1 billion dollars.
With so much going on, we’ve packed this monthly edition of Insider full of your need-to-knows. You can look forward to:
A February market snapshot from across the GTA;
A March interest rate update, and what it means for buyers and sellers;
Featured listings from across our network;
Market Snapshot
What a time to be alive.
As of December 2023, the GTA & surrounding-area real estate markets were in the blender. Prices were dropping, inventory was near-invisible, and there was no clear sign of when things would improve.
Two months later, and boy have things taken a turn. Here are how the numbers stacked up for February:
TLDR; home sales and listings were up on a monthly (and annual) basis. Selling prices edged up, and there was a return to a bidding-war environment. Great for sellers, not so much for buyers.
Detached: Sales up 19% in the 416, up 22% in the 905. Up 21% overall.
Semi-Detached: Sales up 27% in the 416, up 12% in the 905. Up 17% overall.
Townhouse: Sales Up 18% in the 416, up 27% in the 905. Up 25% overall.
Condo: Up 7% in the 416, up 14% in the 905. Up 10% overall.
The optimism surrounding rate declines through 2024 paired with decades-low inventory creates a FOMO environment, in which buyers appear to be operating with a ‘scoop up whatever we can’ mentality.
Our thoughts: Federal rates are expected to decline in the months ahead (with banks already lowering lending rates), and this will impact both affordability and demand. That said, we expect to see inventory surge through the spring and summer months, and those who are patient should be rewarded. Don’t get caught in the hype, and only commit to a property that checks all of your boxes – even though it may take a few months longer (or cost a few dollars extra) than you’d like.
FEATURED LISITING!
Aurora
Beautiful 55+ Life Lease Community in the heart of Aurora, luxury-living for those looking to downsize. Several units available!
List Price: Contact us!
Tammy Andreakos Real Estate
call or text me 416-725-5051
