October 2024 Market Report

Thurston Olsen Real Estate Group

Hey Friends!

October is not just about pumpkins and falling leaves—it’s a time to reflect on the incredible community spirit in Toronto.

As we gear up for Thanksgiving and upcoming holiday events, we’re here to support both your real estate needs and community efforts, including our latest East Side Food Drive.

Let’s take a few minutes to give you another Real Estate update for September 2024.

Who wouldn’t want that?!

At The TO Group, we leverage our extensive network of industry professionals to help you achieve your financial goals. One of our trusted mortgage brokers, Zac Lofeudo from the Vine Group, is hosting a complimentary seminar on how to benefit from the Rental Cash Damming strategy.

This CRA-approved method can help you pay off your mortgage up to 15 years sooner while saving on both taxes and interest!

If you have equity in your home or own rental properties, you won’t want to miss this seminar. Don’t miss out on this opportunity to fast-track your financial freedom. ?

Click the link below to register for the seminar and start your journey to smarter real estate investing!

Big changes are coming to Canada’s mortgage policies, effective December 15th, aimed at improving affordability and accessibility for homebuyers. While these reforms offer exciting opportunities, they also come with some potential challenges for the long-term housing market. Let’s dive into the key changes:

1. Extended Amortization Periods: For first-time homebuyers and those purchasing new builds, the amortization period is increasing to 30 years (up from 25 years). This lowers monthly payments, improving affordability. However, keep in mind that a longer mortgage means paying more in interest over time.
2. Higher Purchase Prices with Less Down: The threshold for a less than 20% down payment has increased from $1 million to $1.5 million. This allows buyers to purchase higher-priced homes with smaller down payments. But remember, carrying costs for a $1.5 million home with a minimal down payment can be high, so this will benefit a select group of buyers with high incomes.
3. Increased Competition Among Lenders: Insured mortgage holders can now switch lenders at renewal without going through another stress test. This opens up competition, making it easier for Canadians to find better mortgage rates.

These reforms aim to make home ownership more accessible, but will also impact affordability. Whether these changes are a long-term benefit remains to be seen.

Our prediction? We feel that this may fuel demand and competition in the marketplace which could boost home values. Now could be a great time to buy.

Let’s have a chat if making a move has been on your mind!

More new listings and more sales!

As expected with a typical fall market, new listings and sales improved compared to August 2024. More encouraging is that new listings (+8.5%) and sales (+3.7%) have both increased year over year compared to September 2023. A welcome sign showing increased activity in the market compared to last year!

Average prices remain fairly level compared to last September. However, we did see a price improvement of approximately 8.5% for homes in Toronto compared to last month.

The condo market still remains well supplied with approximately 6100 active listings as of September 30th, 2024. This means that there are ample options for condo buyers with the potential to negotiate price. Condo sellers should be prepared to be patient and realistic with their price expectations.

Check out the September 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.

For most of us, our home is our biggest investment—so it’s important to protect it, especially from the challenges of Canadian winters. A well-maintained home not only ensures comfort and peace of mind but also helps preserve and even increase its value.

By keeping your home in top condition, you’re setting yourself up for a better return when you decide to sell.

Ready to get started? Click below for your complimentary Fall Home Maintenance Checklist to ensure your home stays in prime condition year-round.

Last Call for Our East Side Food Drive – Thanksgiving Edition! ? October 10, 2024

We’re gearing up for our next East Side Food Drive, and we’d love your support! The need for food in Toronto is urgent. 1 in 10 people now rely on food banks, double from last year.

Let’s come together to make a real impact for our community this Thanksgiving.

Click below for more info on our East Side Food Drive and to sign up to contribute.

As always, we’re here for any real estate services or advice you, your family, or friends might need. Feel free to introduce us—we promise to make you look great! 

Cheers!
Chris and Ford