March 2024 Market Report

Hey Friends!

A lot has happened for the TO group in the last month and we are so excited to share some amazing news with you!

Ford and his lovely partner, Sara welcomed their beautiful baby girl, Olivia into the world on February 17th. She is beyond precious and everyone is so happy to see their family grow (including their dog Teagan who seems to think that Olivia is her baby).

Chris and his beautiful partner, Michelle put on the biggest party of their lives on March 2nd to celebrate their marriage. If you’re trying to imagine what it was like, picture the movie “My Big Fat Greek Wedding”. Lots of people, too much food and drink, and plenty of dancing. They couldn’t be happier.

Enough about us! Let’s take a few minutes to give you another Real Estate update for March 2024.

When we first meet with potential clients, they often tell us that they have been following the real estate market via popular websites and Apps (we won’t share specific App names here!). This is always great news to us as it can be fun working with knowledgeable clients. We also believe in transparency and that everyone should have access to ample real estate data in order to help them make educated decisions, which these sources can help accomplish.

For those of you who are not familiar with these Apps, they essentially act as a property database which show a variety of sales data, including sale dates, listing and sale prices, pictures from current or previous listings, and estimated sale prices.

These are all great tools, but only when they work properly. The Estimate tools are where we would suggest you use caution, as it can often be incorrect…like, way off! We saw a home the other day where the Estimate tool valued the property at $1,075,000 and it sold on the open market at $1,431,000. We saw the house in person and it had one of those special feels to it that you can’t often quantify on a spec sheet or in a photo and we expected it to sell for what it did.

If Toronto was a place where all 3 bedroom, 2 bathroom, semi-detached homes, with 1 car parking were the exact same, then the estimate tool would work quite well! The fact of the matter is that all houses in our city are different, they have different levels of finishes, different upgrades, and different feels. Not all of these things can be accurately measured by an algorithm. There is so much more data that us (real human) Realtors use when estimating values.

This is where we come in! We are immersed in the Toronto market 24/7. We are constantly viewing properties, we have our finger on the pulse of the action, we have tools for measuring bidding activity and tools that provide us with showing activity, among many other tools. Plus, we all gossip with each other about the activity we get on our listings, so we have a leg up there as well ;)

That’s the end of our rant for this month. To re-cap, we think that these Apps are a great tool if you want to check out photos of a new listing, or check out what a neighbouring home sold for, but if you want to know the TRUE value of your home, then please consult a professional (that means us).

Sales and showing activity are definitely picking up in the city of Toronto which is welcome news for most homeowners. When comparing the home values to last February, the numbers look relatively flat, however if we compare them to last month, January 2024, we see some positive increases which is a sign of buyer confidence returning to the market. For all home types in the city of Toronto, the average price increased by 11.7% comparing February to January.

The freehold market (detached/semi-detached/row houses) in the city of Toronto seems to be getting the most attention from eager home buyers with line ups at open houses, plenty of showings, and multiple offers on many properties listed for sale.

The condo market hasn’t yet seen the same activity as the freehold market, but through our experience it’s only a matter of time until the activity from the freehold market flows towards the condo market.

Check out the February year-over-year stats below for more information on the current market. If you would like statistics specific to your neighbourhood, an updated Comparative Market Analysis for your home, or help deciphering what the numbers could mean for you, please let us know and we would be happy to provide that for you.

March Break is here! Hopefully some of you are enjoying it somewhere warm with your families.

If you’ve chosen to stay in the city, here are a couple of ideas to keep you busy in case you were looking for something to do.

An East End favourite is back – the winter warming stations! Grab a coffee and go for a stroll down along the beach and check out some cool art installations to reimagine the lifeguard stations put on by the international design and art community. More info on the event can be viewed here.

A quick reminder that we still have a limited supply of tickets for the Toronto Home Show, taking place from March 8-10 & 13-17, 2024. If this is of interest, we would like to offer you the exclusive RE/MAX VIP Program at the show! Please send us a message and we’d be happy to get you some tickets.

As always, we would be happy to help you and any of your friends, family, colleagues, or neighbours with real estate services or advice. If you can think of anyone that could use our help, feel free to make an introduction! We promise we’ll make you look good ;)

JUST SOLD
60 Colborne St # 1604

Congratulations to our seller client who just sold their awesome condo in St. Lawrence Market! We’re so happy for you and we’re glad that we could help you with the sale!

For more info on this recent sale, check out 60colbornest1604.com

Thinking of selling and want to know more about our listing process? Our goal is to always make the home selling experience as easy and stress-free as possible for our clients while delivering incredible results! From offering industry-leading staging and marketing services all the way through to negotiating a fantastic sale price, we’re here to help! Send us a message for more info!

JUST LISTED
60 Colborne St # 1604

Nestled In The Heart Of Toronto’s Vibrant St. Lawrence Market Neighbourhood, Unit 1604 At 60 Colborne Street Offers An Unparalleled Opportunity To Experience Luxury Living With Endless Amenities At Your Doorstep. This Gorgeous Residence Epitomizes Urban Elegance. With High-End Finishes, Expansive Windows, And A Smart Open Concept Layout, The Interior Seamlessly Connects You With A Wide And Spacious Balcony And Stunning Surroundings. Wake Up To A Mesmerizing South Facing Vista Which Includes A Beautiful View Of The Glistening Waters Of Lake Ontario Creating A Serene Backdrop To Your Daily Life, Offering Tranquility In The Midst Of The Bustling City. Easy Access To Parks, TTC, Union Station, Highways, Bike Paths, Shopping, Toronto Metropolitan University. Perfect For First Time Buyers, A Pied-A-Terre, Or An Investment To Add To Your Impressive Real Estate Portfolio.

Click Here For More Info! Reach out to book a private viewing!

JUST SOLD | 351 Wolverleigh Blvd

Congratulations to our buyer clients who just purchased this detached home in the coveted Danforth Neighbourhood! We’re so happy for you guys and we’re glad that we could help you with the purchase!

Thinking of buying and want to know more about our buying process? Our goal is to always make the home buying experience as easy and stress-free as possible for our clients while delivering incredible results! From offering industry-leading marketing services all the way through to negotiating a fantastic sale price, we’re here to help! Send us a message for more info!

JUST SOLD | 82 Brownville Ave

Congratulations to our first time buyer clients who just purchased this detached charming home in the coveted Mount Dennis Neighbourhood! We’re so happy for you guys and we’re glad that we could help you with the purchase!

Thinking of buying and want to know more about our buying process? Our goal is to always make the home buying experience as easy and stress-free as possible for our clients while delivering incredible results! From offering industry-leading marketing services all the way through to negotiating a fantastic sale price, we’re here to help! Send us a message for more info!

JUST SOLD | 1400 Kingston Road #103

Congratulations to our buyer clients who just purchased this brand new condo in the Upper Beach Club An Elite Boutique Condominium Residence! We’re so happy for you guys and we’re glad that we could help you with the purchase!

Thinking of buying and want to know more about our buying process? Our goal is to always make the home buying experience as easy and stress-free as possible for our clients while delivering incredible results! From offering industry-leading marketing services all the way through to negotiating a fantastic sale price, we’re here to help! Send us a message for more info!

JUST SOLD! 701 King Street West # 812

Congratulations to our buyer clients who just purchased this awesome condo located In Toronto’s Vibrant King West Neighbourhood,! We’re so happy for you and we’re glad that we could help you with the purchase!

Thinking of buying and want to know more about our buying process? Our goal is to always make the home buying experience as easy and stress-free as possible for our clients while delivering incredible results! From offering industry-leading marketing services all the way through to negotiating a fantastic sale price, we’re here to help! Send us a message for more info!

FIRST-TIME BUYER TIP! Buy the home that you can afford right now!

If you’re at the stage in your life where you’re ready to buy your first condo or house, start by getting a mortgage pre-approval and reaching out to us. We will guide you through the process and we’ll help you buy a home that you can afford right now!

Too often, we hear of buyers focused on not being able to afford their “forever home” so they don’t buy anything at all OR they’re hoping that the market will crash so that they can finally afford their dream home. Unfortunately, that’s not how it works and those who have this mentality are still waiting for that crash… Does the market fluctuate? Yes, of course it does and there can be opportunities to strike as a result but if you’re waiting for the $1,500,000 house to be a $900,000 house, it’s not going to happen.

The reality is that not many first-time home buyers purchase their “forever home” on the first shot. The key is to get into the market and build equity! Will you love the kitchen? Maybe not, but that’s okay. Once you own real estate, the options available to you are… dare we say it?… endless! Don’t like the kitchen? Renovate it later after saving or by using equity that you’ve gained as a homeowner. Need another bedroom or want to live in a different neighbourhood? Sell in 5 years and buy a new home that’s more in line with the “forever home” you’ve envisioned. How will you do this? Using the equity that you’ve gained through the appreciation of your first home. Neither of us bought our dream homes as our first homes and truth be told, we’re still climbing that ladder but each home leads to the next home. The first step towards home ownership is saying with confidence, to yourself, “Let’s do this!”. Once you’ve made that decision, we’ll help you get it done!

We love working with first-time buyers. It’s such an exciting time and experience and we’re honoured to be a part of it.

Reach out for more info on how we can help. We’d love to be of service to you!

#WeAreTO #ThurstonOlsen

JUST BOUGHT! 50 Wiltshire Avenue

Huge congrats to our buyer client who scooped up this awesome home in the west end with a bully offer last night! You managed to get everything on your checklist and we couldn’t be happier for you!

Planning to buy? This market can be competitive and it’s important to have a realtor who has the experience and ability to ensure that you’re successful! Want more info on how we can be or service to you? Reach out!

RECORD SALE!* 58 Myrtle Avenue

Congrats to our clients who just sold their beautiful home in Leslieville!

So happy for you guys on this epic result and glad that we could help!

Planning to sell? Reach out for more info on how our full-service approach combined with our expert neighbourhood knowledge will get you the best results!

*Highest sale ever on Myrtle Avenue

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