February 2025 Market Report
February 2025 Newsletter
Thurston Olsen Real Estate Group
Hey Friends!
February may be short, but it’s full of possibilities—especially in real estate!
Whether you’re eyeing your dream home, thinking of selling, or just curious about the market, we’ve got the latest trends and tips to keep you ahead.
Grab a warm drink and let’s dive into another Real Estate update for February 2025.
What We Are Seeing From the Field
Is that excitement in the air?
Every January, we feel a fresh wave of energy as buyers and sellers gear up for the year ahead—and 2025 is no exception!
We’ve already seen a surge in demand for freehold homes (detached, semis, and row houses), especially those that are renovated and checking all the right boxes. Many of these homes are selling quickly and in multiple offers, thanks to low inventory and eager buyers.
If you’ve been considering a move this year, let’s set up a chat to formulate a plan to help you capitalize in 2025.
Check out the January 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.
Looking For Things To Do In Toronto This Month?
Here’s just a few activities to enjoy with your loved ones
- Family Day Activities
- Date: February 17
- Location: Various locations
- Details: Celebrate Family Day with a range of activities, including free ice skating at Nathan Phillips Square, special exhibits at the Royal Ontario Museum, and family-friendly workshops at the Art Gallery of Ontario.
https://www.toronto.ca/explore-enjoy/festivals-events/family-day/
- Toronto Black Film Festival
- Dates: February 12–17
- Location: Various venues
- Details: Celebrate Black History Month by attending screenings of films from around the world, panel discussions, and special events highlighting Black culture and talent.
- Winterlicious
- Dates: January 31 – February 13
- Location: Various restaurants across Toronto
- Details: Savor three-course prix fixe menus at over 230 participating restaurants, offering a range of cuisines to delight every palate.
- https://www.toronto.ca/explore-enjoy/festivals-events/winterlicious/
- Canadian International AutoShow
- Dates: February 14–23
- Location: Metro Toronto Convention Centre
- Details: Experience Canada’s largest automotive showcase featuring the latest vehicles, concept cars, and interactive exhibits.
https://www.mtccc.com/single-event/auto-show-2025-total-immersion/
- Winterfolk Blues and Roots Festival
- Dates: February 14–16
- Location: Multiple venues along the Danforth
- Details: Enjoy a weekend of live blues, roots, and folk music performances by local and international artists in cozy indoor settings.
Vacant Home Tax – Don’t Forget To Declare!
Toronto homeowners, it’s that time of year again! The Vacant Home Tax (VHT) declaration deadline is fast approaching, and even if you live in your home, you still need to file (don’t forget any rental properties)!
Failing to make the declaration by April 30th could result in penalties or even having your home mistakenly classified as vacant, leading to an unexpected tax bill. Yikes!
The tax is now 3% of your current assessed tax value, so if your home was assessed at $800,000 you could be on the hook for $24,000 in tax!
*Keep in mind that MPAC generally uses an assessed value much lower than what your home is actually worth – this info should be on your final tax bill.
Not sure how to complete your declaration? No worries—we’ve got your back! Whether you need a quick rundown on the process or have questions about how the tax might affect you when selling, we’re here to help. Reach out anytime, and let’s make sure you avoid any unnecessary surprises.
We’re Here To Help!
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 who could use our help, feel free to make an introduction! We promise we’ll make you look good ?
Cheers!
Chris and Ford
January 2025 Market Report
January 2025 Newsletter
Thurston Olsen Real Estate Group
Do you remember when you were younger, you may have calculated how old you would be when we hit the year 2000? Well, that somehow happened a quarter century ago!
The great thing about a new year is the endless possibilities that it presents to us. A fresh start to think on what we want to accomplish and an opportunity to “reset”
Now, let’s take a few minutes to give you another Real Estate update for January 2025.
What Are Your 2025 Real Estate Resolutions?
Let the TO Group help you check them off your list!
The start of a new year is a great time to reflect on the year prior as well as an opportunity to think ahead and plan for your future.
Some of us love goal setting and others can find it intimidating. Don’t sweat it! If your 2025 goals are real estate related, let us help you complete them!
Maybe your family is growing and it’s time for an upgrade?
We can help make that transition to your next home as smooth as possible for you and your family.
Maybe the kids have left the nest and you are ready to “right-size”?
We are here to help you decide what type of property best fits the next stage of your life and to make transitioning a breeze.
Maybe you are tired of paying rent to your landlord so that they can pay off their mortgage with your hard earned dollars?
Let’s help you buy that first home so that you can start building your own equity for YOUR future.
Maybe you’d like to build equity and earn passive income through real estate investing?
We have a ton of experience with income properties and can help you understand the benefits and responsibilities involved in owning one.
Just reach out for a casual, no obligation chat at any time. Even if your goals are for 2028 and beyond, we are always happy to start the conversation so that you can be set up for success when the time comes.
Utilize Us!
A friendly reminder that we are here to support you in all aspects of being a homeowner, not just to help you buy or sell homes.
We are consistently fine-tuning our rolodex of house related professionals so that we can provide you with trusted names for when you need them the most.
We have painters, landscapers, handy people, furnace and A/C specialists, roofers, contractors, plumbers, electricians, mortgage brokers, lawyers, just to name a few…
So if ever you are in need of a local professional, you can start with us! There is a good chance that we have just the right person to help you out
Call or email us anytime
2024 Is In The Rearview Mirror, So Now What?
The Toronto housing market experienced another shift in 2024. The number of sales were down and new listings were up, while we saw an increased condo inventory that we haven’t seen in recent history. Prices overall, were down by a modest 2.7% for the average home in the city of Toronto. The market for freehold homes held fairly steady as the demand for those (especially renovated ones) remained strong.
High borrowing costs weighed heavily on affordability throughout 2024, however the Bank of Canada’s rate cuts in the second half of the year offered some much needed relief.
Looking ahead, further rate reductions and stabilized home prices could signal improved conditions in 2025.
We are cautiously optimistic on what 2025 holds for our market given the instability of our Government and with a new President of the US coming into power.
With that being said, we are expecting the number of sales to rebound back to the levels we are used to, as well as a modest increase in the average price of a home in our amazing city. The condo inventory should start to shrink now that interest rates have improved affordability for first time buyers while our city continues to grow in population.
Check out the December 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.
Help Us Reach Our 2025 Real Estate Goals!
Like many of you, The TO Group also has real estate goals for 2025.
This year, we are determined to help as many of you, your family members, your friends, or your neighbours with their real estate needs. The more the merrier!
We would be forever grateful for the opportunity to help anyone you can think of that could use our expertise.
So feel free to introduce us! We promise we’ll make you look good.
We are so excited for 2025 and can’t wait to be of service to you and your people. Thank you for an amazing 2024!
Cheers! Chris and Ford
JUST SOLD
186 East’s Corners Blvd
Congratulations to our seller clients who just sold their beautiful Kleinburg home in for FULL PRICE IN ONE DAY! 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 186EastsCorners.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!
April 2024 Market Report
Hey Friends!
Spring is finally back and so is Blue Jays baseball. As most of you already know, the TO Group are lifelong fans of the Jays and we spend an ample amount of our downtime watching Canada’s team. We are hopeful that they win some playoff games this season!
With that said, we have purchased tickets to a number of games this year and we wanted to try something new! So, we have a proposal for all of our loyal followers (this means you).
Any referral that you send to the TO Group that results in a successful closing will result in a pair of awesome seats to a Jays game this season*. As a bonus, you’ll get peace of mind knowing that your people will receive the best service in Real Estate ;)
Now, let’s take a few minutes to give you another Real Estate update for April 2024.
Did you know that there are homes for sale that aren’t available to the general public via MLS? These are often referred to as “Exclusive Listings” or “Pocket Listings”
An exclusive listing is when a seller enters into a listing agreement with a Brokerage but does not go to MLS. The listing remains exclusive to the listing brokerage and their agents have the exclusive opportunity to find a buyer.
You may be asking yourself “why would a homeowner want to limit the exposure of their home to the open market?” That’s a great question!
Here are a few instances where a seller may not want to expose their home to the general public:
Privacy – some sellers may not want photos of their home all over the internet for their neighbours to see and they may want to limit showings to only hand-picked, qualified buyers.
Not yet market ready – Sellers will often engage a Realtor to sell their property, but they may want to make some improvements to the home before going to MLS and they need some time to do it. Signing exclusively allows the Realtor to help the seller prepare their home for the market while being able to promote the home to their buyer clients or to other agents, so that they know that there is a great house coming to the market.
Restricted showing access – If a property is listed on MLS, it must be available to be shown to prospective buyers. If a Seller is in the middle of a renovation before selling, they may not want buyers coming through the property who may not be able to envision the finished product.
There are definitely pros and cons to exclusive listings and most of our clients choose to go to MLS to maximize exposure, however there is always a time and a place where this option can work for some of our clients.
Good News!
As a Buyer, the TO Group has access to plenty of exclusive listings throughout our brokerage, so there is always a chance that we can find your dream home before it goes on MLS
As a Seller, we have an extensive network of colleagues who work with qualified and serious buyers that may be looking for a home exactly like yours!
One of the many benefits of working with the TO Group is that we are a part of one of the largest and most well-connected real estate brokerages in Ontario.
March 2024 home sales were lower than the March 2023 result. Despite a better-supplied market compared to last year, there was enough competition between buyers to see a moderate increase in the average March home price compared to last year’s level.
Market conditions have gradually improved over the last quarter. Buyers seem to have adjusted to the higher interest rates as it has become more clear that the rates will likely not increase any further.
Homeowners who had been anticipating improved market conditions helped provide a better supply to the market in March which was welcomed by anxious buyers.
Assuming that we benefit from lower borrowing costs in the near future, we expect that sales will increase, new listings will be absorbed, and tighter market conditions will push selling prices higher.
Check out the March 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.
We are now in our 4th year of organizing our East Side Food Drive and we just wrapped up our Easter Edition which was a huge success! Thanks to everyone who contributed! This is truly one of the most gratifying events that we put on for our community and we really enjoy watching it grow. The Food Banks are having trouble keeping up with the demand this year so every effort counts!
Many people who are on variable mortgage rates or those who are approaching a mortgage renewal have been watching the Bank of Canada’s announcements on the overnight lending rate. The next announcement is on April 10th, so we are all waiting to see if they will cut the rates as many indicators are showing that inflation is under control.
Many industry professionals are expecting that the first rate cut won’t likely occur until June or July, but that the rates could fall from the current 5% down to approximately 3.75% by the end of the year. For those who have been reading our newsletters for the last year, you’ll know that when rates drop, prices tend to go up. Stay tuned!
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 ;)
Ford and Chris
*As a thank you for any referrals between April 5/24 – Sept 1/24 (excluding leases) which result in a successful purchase or sale, the TO Group would like to offer you a pair of tickets to a 2024 regular season Blue Jays game at the Rogers Centre. We appreciate your support!
