December 2024 Newsletter

Do you have friends or family looking to work with a top-performing real estate agent? Introduce them to the SMART Realty Solutions team and your name will be entered into a draw for this fabulous housewarming-themed gift basket, valued at $150!

The Housewarming Gift basket combines everything needed for a cozy and welcoming home. With premium coffee, tea, and gourmet pancake mix, along with a luxurious Turkish cotton towel, and specialty cheese and chocolates.

Webinar Wednesdays

Mark the date! Starting in January we will be hosting our most popular workshops via Zoom. Join us from the comfort of home for information-packed workshops to start your year off right! Links to register below. Can’t attend? Register anyway and we’ll send you the recording.

Wed. Jan 8 at 4:00 pm - The Decluttering Battle Plan - Part 1

Wed. Jan 22 at 4:00 pm - The Decluttering Battle Plan - Part 2

GTA REALTORS® Release October 2024 Stats

Greater Toronto Area (GTA) home sales increased strongly year-over-year in October 2024. Over the same period, new listings were up, but by a lesser annual rate. The result was tighter market conditions compared to October 2023. The average selling price was up slightly on an annual basis.

“While we are still early in the Bank of Canada’s rate cutting cycle, it definitely does appear that an increasing number of buyers moved off the sidelines and back into the marketplace in October. The positive affordability picture brought about by lower borrowing costs and relatively flat home prices, prompted this improvement in market activity,” said Toronto Regional Real Estate Board (TRREB) President Jennifer Pearce.

The average selling price was up by 1.1 per cent compared to October 2023 to $1,135,215. On a seasonally adjusted basis, the average selling price edged up compared to September.

“Market conditions did tighten in October, but there is still a lot of inventory and therefore choice for home buyers. This choice will keep home price growth moderate over the next few months. However, as inventory is absorbed and home construction continues to lag population growth, selling price growth will accelerate, likely as we move through the spring of 2025,” said TRREB Chief Market Analyst Jason Mercer.

Regional Market Reports September 2024

York Region Market Stats

Neighbourhood Reports September 2024

What This Means For Buyers & Sellers

October saw a surprising uptick in home sales across the GTA. The jumbo rate cut by the Bank of Canada in September, with additional rate cuts a definite future possibility, motivated buyers to get out and start their searches. As well, there was a larger than expected increase in the number of new listings, creating interest and activity among buyers. All factors combined suggest that September buyers were biding their time until the right property crossed their path.

With listing supply still remaining high, prices were not affected by buyer activity. Flat prices over the last six months have been good news for buyers who have experienced greater ability to negotiate on price and terms of their purchase offers. This is likely to change over the next few months as inventory clears out, and market conditions again tighten.
 
We are already seeing a slight decrease in the number of months of inventory available on the MLS™ with the average dipping to 3.3 months for all property types across the GTA. (Note, however, that this encompasses both a high of 6.8 months in King City and a low of 1.9 months in Whitby!) The number of months of inventory (MOI) is an important measure for determining the supply and demand equilibrium in the housing market. This ratio represents the number of months (or days) it would take to completely sell the homes that are currently listed for sale, based on the area's current rate of sales activity.

In the economic law of supply and demand, we will need to see large increases in the amount of buyer demand as well as a large decrease in the number of homes for sale in order to see significant increases in property prices.

Buyer Success Story
900 Bogart Mill Trail #121, Newmarket

In the Community
SMART Realty Solutions was busy throughout November meeting seniors and sharing valuable information on decluttering and home renovations. It was such a pleasure to meet new friends and also see familiar faces at our recent community.

Speaking engagements for 2025

Are you looking for a fun, informative and FREE speaker for your group? SMART Realty Solutions offers community talks on a range of topics related to decluttering, downsizing and seniors’ property options. We never charge or try to sell. We always bring follow up resources and a raffle prize. Reach out to Sharon at sharonparenteau@kw.com for a list of topics. You can also call her directly at 416-460-5636 for more information.