Reach out if you have any questions. 

Following inflation dropping to 2.7% in April the Bank of Canada dropped interest rates 0.25 basis points last week, bringing the rate down to 4.75% from 5%. This is the first rate cut in over four years, since the pandemic, and signals a shift and a step in the right direction. 

Homeowners with variable mortgages will experience more going towards their principal and homeowners with home lines of credit will have an immediate reduction in their interest rate. Additionally, bond yields have been trending downward resulting in lower fixed rates. This is all great news for Canadian homeowners. May home sales continued at low levels, especially in comparison to last spring’s short lived spring market. The beginning of the year we saw a pickup in the market as interest rates remained flat but as we approached the spring we didn’t experience a typical spring market. 

Number of transactions in May was down 21% compared to last year yet interestingly enough new listings were up 21% when compared to last year. Prices are slightly up on an adjusted monthly basis. As affordability is expected to continue to improve as borrowing costs trend lower, demand is expected to increase as more buyers are expected to enter the market including many first-time home buyers. 

The next year will be very interesting, reach out if you have any questions. 

Throughout April, the Toronto Market witnessed a fluctuating landscape in options sales: down year-over-year yet showing a modest increase from the previous month. The average sale price for all types of homes in the GTA stood at $1,156,000, indicating a slight uptick from the prior year. Despite this, homes are still commanding an average of 102% of their asking price.

Active listings experienced a notable surge, jumping over 74% compared to the same period last year. While this offered buyers a wider array of choices, many are adopting a wait-and-see approach in anticipation of potential interest rate adjustments.

In the Milton area specifically, the market presents a distinct scenario. With a mere two months of inventory available, the average sale price hovers around $1.1 million, with homes typically selling slightly above their asking price, averaging at 101%.

Should you have any inquiries concerning your particular property or neighbourhood, please don’t hesitate to get in touch. We’re here to provide support and guidance every step of the way.

It was a slow month with sales figures lower than last year, which itself was the slowest March in two decades. However, the total sales for January, February, and March combined are up by 40% compared to last year. We’re eagerly awaiting April’s numbers. Despite the slowdown, properties priced under a million are still moving well, while higher-end properties are moving slower. The average price for all home types in Milton is just over a million at $1,061,000, with an average of only 12 days on the market.

We’re here to keep you informed and up-to-date, so please don’t hesitate to reach out if you have any questions.

We’ve noticed an uptick in both the number of offers and overall market activity as we approach the spring season. This surge is largely attributed to the widespread belief among consumers that the Bank of Canada has capped its interest rate hikes, with expectations leaning towards a decrease in rates throughout the year. This shift has bolstered consumer confidence, spurring demand in the market. Consequently, well-priced and attractive homes are now frequently receiving multiple offers. However, it’s important to note that February often serves as a transitional period, moving from the typically slower winter months into the bustling spring market. This makes it a somewhat challenging time to fully assess market trends. As we move into spring, it will be fascinating to see how these dynamics evolve.

We’re here to keep you informed and up-to-date, so please don’t hesitate to reach out if you have any questions.

The Toronto real estate board has reported a positive start to 2024. While new listings have started to appear on the market, they haven’t kept pace with the influx of home buyers. This has led to tighter market conditions, resulting in multiple offers on properties. The strategy of listing properties low and holding offers, which was prevalent in the past few years, is making a comeback.

Anticipating the Bank of Canada to reduce its policy rate in the second half of this year, the Toronto board expects this move to contribute to an increase in home sale prices over the next two years. Despite the average sale price across the Greater Toronto Area (GTA) being $826,000, roughly 1% lower than the previous year, there has been a significant 37% increase in the number of sales, totaling 4,223 compared to just over 3,000 in January of the previous year.

In Milton, the market presents approximately 1.9 months of inventory, with properties spending around 30 days on the market. Homes are selling for about 99% of the asking price, reflecting a robust market. The average sale price for all home types in Milton stands at $813,000, marking a substantial increase of over $40,000 from December 2023.

Should you have any inquiries about your specific property or neighbourhood, feel free to reach out anytime. We’re here to assist you in navigating the dynamic real estate landscape.