February 2024 Newsletter

Friday Feb 02nd, 2024


Hello, February 2024! By Sharon Parenteau, MA SRES ASA Overview: Real Estate Market Report, York Region Stats, Neighbourhood Reports, Annual Equity Review Offer, Special Events, Speaking Series, Upcoming Holidays                                                                                                                                                                                                                                                                                                                                                                                                                                           



Hello February, 2024!

By Sharon Parenteau, MA SRES ASA


  • Real Estate Market Report
  • York Region Stats
  • Neighbourhood Reports
  • Annual Equity Review Offer
  • Special Events
  • Speaking Series
  • Upcoming Holidays

Real Estate Market Report

GTA December Stats and 2023 Market in review

The number of Greater Toronto Area (GTA) home sales in 2023 came in at less than 70,000 due to affordability issues brought about by high mortgage rates.
“High borrowing costs coupled with unrealistic federal mortgage qualification standards resulted in an unaffordable home ownership market for many households in 2023. With that said, relief seems to be on the horizon. Borrowing costs are expected to trend lower in 2024. Lower mortgage rates coupled with a relatively resilient economy should see a rebound in home sales this year,” said new Toronto Regional Real Estate Board (TRREB) President Jennifer Pearce.  
On a seasonally adjusted monthly basis, sales increased compared to November, while new listings declined for the third straight month. The average selling price for all home types in 2023 was $1,126,604, representing a 5.4 per cent decline compared to 2022. 
“Buyers who were active in the market benefitted from more choice throughout 2023. This allowed many of these buyers to negotiate lower selling prices, alleviating some of the impact of higher borrowing costs. Assuming borrowing costs trend lower this year, look for tighter market conditions to prompt renewed price growth in the months ahead,” said TRREB Chief Market Analyst Jason Mercer. 

What this means for buyers and sellers

In the delicate balance between supply and demand, it has largely been buyers who have benefitted the slight increase in the number of listings in the closing weeks of the year. Buyers enjoyed the rare opportunity to shop and compare, with very few “offer dates” or bidding wars. Offers to purchase were generally below list price, and sellers had to again entertain buyers with conditions as part of their offers. The seasonally sluggish market around the holidays gave buyers a bit of respite from “fear of missing out.” Ironically, these favourable conditions seemed to demotivate buyers, many of whom took a “wait and see” approach to house hunting. December was sllooow.
If you know a buyer who’s on the fence about purchasing right now, do them a favour and give them this warning: “The real estate market is about to get very hot!” THIS is your 90-day emergency buy window!
Why? The unchanging economic factors - low employment, increasing immigration, and inadequate housing inventory - have been mitigated recently by only one factor: increasing interest rates. The recent pause in hikes has reignited buyer activity. Colleagues are reporting line ups for buyers to get into open houses, and properties receiving dozens of offers. What a difference a few weeks makes!

As for sellers contemplating a move, the same warning applies: you’ve got 60-90 days until the next best time to sell! Spring 2024 is anticipated to be one of the best selling seasons in recent years. 
Not sure how to get started? Read our “Annual Equity Review” offer below and click on the link to request your report.


Here’s a list of articles I’ve been curating over the past few weeks:

  • “Five Forces Driving Ontario Real Estate” - filled with interactive graphs and charts, perfect for the number-cruncher looking for the bigger picture https://www.mortgagesandbox.com/five-forces-driving-ontario-real-estate
  • “2024 Home Selling: Mistakes to Avoid for a Successful Sale” - kinda self-explanatory, but a few good reminders nonetheless -​​ https://ca.investing.com/news/personal-finance-news/2024-home-selling-mistakes-to-avoid-for-a-successful-sale-3247246
  • “The ‘Move Out’ Method to Declutter Your Home” - maybe a bit extreme, but hey, maybe it works? https://lifehacker.com/home/declutter-home-using-move-out-method
  • REALTORS® Answer Your ‘What-Ifs’ About Buying - https://www.realtor.ca/blog/realtors-answer-your-what-ifs-about-buying-and-selling/34811/1363?utm_source=living-room-newsletter&utm_medium=email&utm_campaign=jan-2024&utm_content=version-a
East Gwillimbury
One of the most important services I can offer my clients is to provide an estimate of value. I call this your “Annual Equity Review,” and it provides key information about recent sales, as well as forecasted real estate market conditions in your neighbourhood. Knowing this helps you better understand your current asset and be able to plan for future needs.

This service also reflects three of the most important pillars of SMART Realty Solutions: 
  1. Coming from contribution
  2. Creating value for our clients
  3. Giving back to the community
       Where’s the “giving back to the community” part of this? When you request a property evaluation report, we’ll give $50 to the charity of your choice. 
Simply click on the link below and we’ll get started.
request a property evaluation report
Past Webinars
Did you miss our webinars in January? You can view the recordings by clicking on the links below.
Upcoming Webinars
Staging Secrets on a Shoestring Budget (Feb. 7th,2024)
Learn Do-it-Yourself tips and tricks from the pros. Make your home more appealing to buyers AND save money! Find out my "Top Ten Things You Must Do Before Listing Your Home." Guidebook included.
>> Register for Staging Secrets on a Shoestring Budget
Get Ready to Downsize (Feb. 14th,2024)
Does this sound like you: "My big house is too much work"? If you're considering downsizing, this seminar is for you! Our intro session covers the signs it's time to downsize, property & financial considerations and helpful resources. Start the road map to a home that better suits your needs now and in the future.
>> Register for Get Ready to Downsize
Condo Market Tour - Markham and Unionville (Feb. 28th,2024)
A unique opportunity to preview 6-8 condo apartment listings currently for sale in Markham and Unionville, all from the comfort of your home.
>> Register for Condo Market Tour- Markham and Unionville
New Blog Posts: Zoomer Radio
Are you a fan of Zoomer Radio AM 740? Did you know that each week I have a 5-min segment on Marilyn Wetston’s show, “From a Woman’s Perspective”? The transcripts from past episodes can be found on our website at www.smartrealtysolution.com/blog
Do you belong to a cultural, seniors, or faith-based group looking for a speaker? Starting in April, I am booking speaking engagements on topics related to downsizing and decluttering. Each workshop can range from 30-60 minutes, includes a powerpoint, workbook and follow-up resources. I even bring a door prize to give away! Email me at sharonparenteau@kw.com for a list of topics.
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The opinions and content expressed herein are solely those of the author, Sharon Parenteau, and do not necessarily reflect the brokerage, and do not constitute legal or financial advice. This communication is not intended to solicit clients currently already under contract with other real estate brokerages. ™ 2024 Sharon Parenteau

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S.M.A.R.T. Realty Solutions · 156 Duncan Mill Rd · Unit 1 · North York, On M3B 3N2 · Canada

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