September 2024 Market Report
Thurston Olsen Real Estate Group
Hey Friends!
Well, Summer happened quickly!
We hope that you took some time to enjoy the beautiful weather, time with family and friends, and maybe even a summer vacation!
The TO Group is recharged and ready to take on the Fall real estate market.
Let’s take a few minutes to give you another Real Estate update for August 2024.
BANK OF CANADA SLASHES THEIR RATES AGAIN
For those who hold variable rate debt, their shoulders are likely feeling a bit lighter as the Bank of Canada continues to drop its overnight rate. Can you hear the collective sighs?
On September 4th, the Bank of Canada dropped their overnight rate by another quarter point, their 3rd straight rate cut.
It is widely expected that they will make 2 more cuts before the end of the year and further cuts into 2025.
So, what does this mean?
The real estate industry views this as a positive sign going forward and many expect that this will inject some life into the more recent “slumping” market. We’ve already been receiving calls from buyers who had been waiting for their time to get into the market and we feel that this will be a sign of things to come!
While a 0.25% decrease in the overnight rate only results in a monthly savings of approximately $15 per $100,000 borrowed, the biggest immediate impact will be in consumer confidence. The light at the end of the tunnel is finally in view along with lighter debt commitments.
Have you been waiting for a sign? This could be it.
Reach out and let’s have a chat!
WHAT WE ARE SEEING FROM THE FIELD
With the first week of September in the books, we have already seen increased activity from buyers, more specifically in the freehold market. Some listings that had been hanging around during the summertime are starting to get scooped up.
The condo market remained slow moving with a resale inventory that approached 6000 units at the end of August. There are still some fantastic deals to be had out there. With increasing rent prices and a clearer picture of decreasing borrowing costs, now could be an excellent time to purchase a condo.
TRREB President Jennifer Pearce noted that the Bank of Canada’s recent rate cut on September 4 could boost affordability, particularly for first-time buyers using variable rate mortgages. As mortgage rates are expected to decrease, more first-time buyers may enter the market, especially in the condo sector.
Check out the August 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.
LEVEL UP YOUR LIVING!
The TO Group loves working with clients looking to upsize from their current home to their dream home.
Whether you’re looking for more space for your growing family, a better school district, or a bigger yard for your favourite furry friend, we can help you achieve your real estate goals!
We’ve put together a handy Upsizing Guide that will help you prepare for your next move.
Want a copy? Just click below and we’ll send you one.
LOOKING FORWARD
We are looking forward to our next East Side Food Drive – Thanksgiving Edition on October 10, 2024 and would really appreciate your support!
The demand for food in our city is urgent. One in ten people in Toronto are now relying on food banks, twice as many as the year prior. Let’s team up to make a difference!
Click below for more info on our East Side Food Drive and to sign up to contribute.
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 ;)
August 2024 Market Report
Thurston Olsen Real Estate Group
Hey Friends!
If you know the TO Group, you know that we are huge sports fans and we find so much inspiration, fun, and meaning in sport.
With the 2024 Paris Olympics being at the forefront of many news outlets, we thought we’d have a bit of fun with this month’s newsletter and make it Olympics inspired!
Let’s take a few minutes to give you a gold medal worthy Real Estate update for August 2024
Toronto Real Estate Market Report: August 2024 – The Olympics of Real Estate
As the world cheers for the athletes at the Olympics, the Toronto real estate market has been having its own games, and July 2024 had some performances worth celebrating!
Let’s dive into the highlights and see how buyers, sellers, and new listings competed in the arena.
Sales Score a Victory In the race for home sales, The City of Toronto reported 1,987 transactions in July 2024, marking a 5.4% increase from July 2023. It seems like the recent cuts in the “interest rate hurdle” by the Bank of Canada gave buyers the extra boost they needed. With two rate cuts back-to-back in June and July, the cost of borrowing has become a little less daunting. Think of it as the wind at the backs of the marathon running buyers, making the path to home ownership a bit smoother.
More Listings, More Choices – A Buyers’ Decathlon New listings soared with 6,074 homes entering the MLS® System in the city of Toronto, an 18.7% jump from last year. This influx of options has been a win for buyers, offering them a smorgasbord of choices. In this decathlon of decisions, they’ve been able to catch a breather and strategize, thanks to a better-supplied market. It’s like having tickets to all of the Olympic events, but you get dibs on the best seats!
The Pricing Bar Remains Steady On The High Jump of Affordability The average price of a home in Toronto remained fairly steady again, up about 2% year-over-year. The average selling price landed at $1,087,436, just a hair up the July 2023 figure of $1,066,184. This is what buyers have been chasing for the last number of years. It’s a delicate balance—think of it as a high jump where the bar is set just right to give everyone a fair shot.
Innovation and Infrastructure – The Torchbearers for the Future ? The Toronto Regional Real Estate Board has been waving the flag for innovative home construction, and Toronto City Council’s recent move to consult on single egress stair requirements for multi-residential buildings up to four storeys is a step in the right direction. It’s like handing the relay baton to builders, encouraging them to create family-friendly, multi-family units. And let’s not forget the much-anticipated Crosstown LRT, set to light the way for better public transit connections, making it easier for everyone to get to the finish line.
The Road Ahead – Ready, Set, Buy! As more buyers lace up their shoes for the race to home ownership, the current surplus in inventory will keep prices relatively flat. But as this inventory is gradually absorbed, expect market conditions to tighten, and prices to potentially rise again. Will it be a marathon or a sprint to increased prices? We’ll stand by watching to see who wins the race.
So, whether you’re buying, selling, or just cheering from the sidelines, the Toronto real estate market is an exciting event to watch. Stay tuned for more updates, and may the best home win! ?
Check out the July 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.
Keep Your Home Atop The Podium – Exclusive Offer For Professional Summer Photography!
You never know when your next dream home will pop up. When it does, you want your current home to be in gold medal shape! But what if it’s winter, and your beautiful yard is hidden under snow and ice? Show potential buyers how lucky they can be to own such a luscious oasis with vibrant summer photos! ?
When selling in the Fall or Winter, it can be advantageous to provide potential buyers with professional exterior photos that showcase your home in its full summer glory. This will make your home stand out and highlight its year-round appeal.
Don’t Miss Out on This Golden Opportunity!
If you are considering selling your home in the upcoming Fall or Winter, take advantage of this great offer, which is part of our listing service. Reach out for more info. *Terms and conditions apply.
We’re Here To Be Of Service To You And Your People!
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! 21 Dale Avenue # 640
Congrats to our seller clients on the sale of their beautiful Rosedale residence! It was such a pleasure working with you and we’re so happy that we could be of service! Congrats as well to the buyers – you’re going to love living here!
For more info on this recent sale, check out www.21dale.ca
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 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!
