January 2025 Newsletter

Just like an annual appointment with an accountant or tax professional, it’s important to check the well-being of your largest financial investment - your home.

As your real estate consultant for life, I am committed to keeping you informed every year about your investment by creating an Annual Equity Analysis for you. This report contains valuable insight to the current approximate market value of your home, as well as forecasting neighbourhood trends. This report is delivered to you free of cost or obligation.

Simply visit smartrealtysolution.com and fill out the form. Or if you prefer, call me! My direct number is 416-460-5636.

Webinar Wednesdays are back!

We’re starting off the year with our ever-popular “The Decluttering Battle Plan” in webinar format so that you can participate no matter where you are! In just 30 minutes you’ll receive expert advice to help you conquer clutter in a fun, informative and interactive workshop. Free follow-up resources are included with your registration. 
 

P.S. Even if you can’t make the date/time, still register and we’ll send you the recording. 

The Decluttering Battle Plan Part 1: January 15th at 4:00 pm - link to registration

Is clutter taking over your home? Join us for Part 1 of The Decluttering Battle Plan, where we’ll explore the following topics:

• Understand how clutter negatively impacts your time, space, and finances
• Recognize the emotional and practical challenges that come with decluttering
• Learn why acknowledging your surplus belongings is key to starting the process
• Develop an action plan to break down the barriers to a clutter-free life

The Decluttering Battle Plan Part 2: January 22nd at 4:00 pm - link to registration

Ready to tackle your clutter head-on? In Part 2 of The Decluttering Battle Plan, we’ll dive into the following topics:

• Set a start date (D-Day) and create accountability to ensure progress
• Learn how to gather the right tools and supplies to make the process efficient
• Break down decluttering tasks into smaller, more manageable steps
• Discover how to stay motivated and make the process less overwhelming with support

GTA REALTORS® Release November 2024 Stats
Greater Toronto Area (GTA) home sales increased strongly on a year-over-year basis in November 2024. Many buyers benefitted from more affordable market conditions brought about by lower borrowing costs. New listings were also up compared to November 2023, but by a much lesser annual rate. This meant that market conditions tightened, resulting in overall average price growth compared to last year.

“As we approach the end of 2024, I am pleased to report an improvement in housing market conditions. Many home buyers patiently waited on the sidelines for reduced inflation and lower borrowing costs. With selling prices remaining well off their historic peak and monthly mortgage payments trending lower, the stage is set for an accelerating market recovery in 2025,” said Toronto Regional Real Estate Board (TRREB) President Jennifer Pearce.

GTA REALTORS® reported 5,875 home sales through TRREB’s MLS® System in November 2024 – up by 40.1 per cent compared to 4,194 sales reported in November 2023. New listings entered into the MLS® System amounted to 11,592 – up by 6.6 per cent year-over-year.

The average selling price was up by 2.6 per cent compared to November 2023 to $1,106,050.

“Market conditions have tightened, particularly for single-family homes. The detached market segment experienced average annual price growth above the rate of inflation, particularly in the City of Toronto. In contrast, the condominium apartment segment continued to experience lower average selling prices compared to a year ago. Condo buyers are benefitting from a lot of choice and therefore negotiating power. This will attract renter households into homeownership as borrowing costs trend lower in the months ahead,” said TRREB Chief Market Analyst Jason Mercer.

Regional Market Reports November 2024

York Region Market Stats

Neighbourhood Reports November 2024

What This Means For Buyers & Sellers

Moderately positive change is afoot in the real estate market after several months of uncertainty leading to buyer torpor. The number of sales is up, good, but so is the average time it takes for properties to sell, not so good. As has been typical lately, the condo market is still depressed due to a large volume of units sitting unsold. However, new changes to mortgage rules (see link to article below) as well as declining borrowing rates is allowing an increasing number of buyers to qualify for that all-important first purchase.

Increased inventory
+ Decreasing interest rates
+ New mortgage rules

____________________________

= New opportunities for first-time buyers

If you know (or are!) a buyer waiting on the sidelines, now is the time to consider jumping in! There is a 60-day window in which buyers are going to enjoy more selection, better negotiating power, and the lowest prices they are likely to see in coming months. How to get started? A phone call to Sharon at 416-460-5636 is the next SMART move. 

Well-priced, well-presented detached properties continue to sell, especially in the lower priced segment. Properties between $1M and $1,499,999 are about to see a sizable increase in the potential buyer pool due to new insured mortgage rules. Buyers looking in this range previously required a 20% down payment, or $300,000. Under the new regulations, that amount could be as little as $125K. 

However, as the chart below clearly shows, property sellers need increased patience as it is taking an average of 25% longer for their properties to sell as compared to a year ago. Most market analysts agree that as market activity starts to pick up after the holiday slump, sales will go up, inventory will go down, and sellers will benefit in both increased sale prices and decreased time on market. Fingers crossed!

Buyer Success Story
900 Bogart Mill Trail #121, Newmarket