TORONTO Housing Market Update Spring 2024. Top rated real estate agents in Toronto

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🏡 Are you curious about the latest trends shaping Toronto's real estate market? Join Karen as she delves into the dynamic landscape of Toronto's real estate scene this Spring 2024, offering valuable insights and updates you need to know.

From shifting property values to emerging market trends, this video provides a comprehensive overview of the current market conditions in Toronto. Whether you're a prospective buyer, seller, or simply intrigued by the city's real estate dynamics, this is your go-to resource for staying informed.

📊 Why Watch?

· Market Trends: Explore the latest statistics and trends influencing Toronto's real estate market in March 2024

· Property Values: Discover how various property values have evolved over the past year

· Supply and Demand Dynamics: Gain insights into the balance between supply and demand and its impact on pricing and inventory levels

· Investment Opportunities: Learn about key investment opportunities within Toronto's real estate market

Whether you're a seasoned investor or a first-time buyer, staying informed about the ever-changing dynamics of Toronto's real estate market is essential. Join us as we navigate through the latest updates and insights to help you make informed decisions in this dynamic market landscape.

Don't miss out on this essential guide to understanding Toronto's real estate market this Spring 2024!

Thank you for watching.

*The Toronto Regional Real Estate Board Statistics for March 2024 can be accessed by clicking here*

00:28 - average sales volumes for all property types combined in the GTA

00:41 - housing sector with the most significant decrease in sales volumes

00:54 - housing sector with the highest increase in sales volumes

1:25 - when industry experts are predicting the Bank of Canada's first mortgage rate decrease 

1:37 - number of active listings in the GTA

1:47 - are buyers or sellers favoured in our current market? 

2:06 - average home price increase in the GTA

2:15 - average home price in the GTA

2:47 - housing sector that saw the highest annual price increase

3:04 - housing sector that saw the lowest annual price increase

3:21 - average price for a fully detached home

3:31 - average price for a semi-detached home

3:38 - average price for a townhouse

3:49 - average price for a condo 

3:56 - final thoughts

4:23 - advice for purchasers who are buying a property 

5:36 - advice for homeowners who are selling a property

Hello everyone, it’s Karen from Toronto. During this early Spring season, the real estate market in the Greater Toronto Area (GTA) is seeing some modest gains. I’d like to point out that we have timestamps in the description box below if you wish to skip forward to a particular topic. Now to help us understand how the market is performing, let’s take a look at the numbers together.

Given that the current mortgage interest rates are still considerably high, there’s no surprise that our average sales volumes are slightly down by -4.5%, compared to last year in March 2023. Now, various housing sectors saw significant differences in sales volumes. The housing sector that saw the lowest sales volumes was the Toronto condo market, with sales down by -15.5% compared to last year in March 2023. On the other hand, the housing sector that saw the highest increase in sales volumes was the semi-detached housing market in Toronto which saw an increase of +10.4%, over the past year. Overall, it’s understandable that fewer properties are being purchased as a result of high borrowing costs. 

From a buyer’s perspective, some purchasers are certainly holding off a bit longer until the Bank of Canada begins lowering their key interest rate, in order to help with more manageable carrying costs. And many industry experts are anticipating the Bank of Canada to announce their first rate decrease either this Spring or, early this Summer.

In terms of the supply and demand, the GTA has a considerable increase in inventory with +23.1% more properties for sale, compared to last Spring. Our current market is ideal for purchasers, especially given that sales volumes are slightly lower. This means that in most markets throughout the city, buyers have more housing options to choose from and for many neighbourhoods, you can avoid the stress of competing in multiple offers.

Now, despite a lower sales volume, the average home price in the GTA saw a moderate increase of +1.3% over the past year, with the average property price at $1,121,615. When it comes to housing prices, it’s important to emphasize that there are many different housing types and different neighbourhoods throughout the GTA. Keep in mind that the average statistic, is only one market indicator. When we compare different housing types throughout the GTA, there is substantial variation on price as well as variation on the demand. For instance, semi-detached homes in Toronto saw the highest price increase this early Spring where the semi-detached housing sector saw a +3.0% price increase, between March 2023 to March 2024. On the other end of the spectrum, the housing sector that saw the lowest price increase, on average, were Toronto condominiums. And the average Toronto condo decreased in value by -0.5%, over the past year.

Now to put things into perspective, let’s look at the average price of a home. For a fully detached home in Toronto, the average price is $1,708,437. A semi-detached home comes in at an average price of $1,300,403. And a townhouse in Toronto costs an average of $999,771. Now for the condo market, the average Toronto condo is $729,392.

Here are some final thoughts. The general consensus amongst most industry experts, is that the Bank of Canada will begin decreasing the key interest rate sometime this Spring or early Summer. And as interest rates begin to lower, the industry is expecting buyer demand to pick up once again, especially with Canada expecting significant population growth, mainly as a result of record-high immigration numbers.

At the moment, there are many fantastic opportunities for buyers this Spring. Our current real estate market is a much more relaxed environment to shop in, especially if you’re in the market to purchase a condo, since there is more inventory to choose from. In particular, some of the best opportunites are properties that were acquired within the past few years including assignment sales, where the owners unfortunately, are either unable to renew their mortgage at our high interest rates, or they are unable to close on their assignment purchase. As a result, if you’re in a strong financial position where you’re qualified to purchase and you’re able to hold onto a property for at least the next few years, this is an excellent market to capitalize on the more affordable real estate prices and secure a property at a phenomenal deal. Also, in many neighbourhoods throughout the GTA, you can likely avoid the stress of being caught up in a bidding war, and if you move quickly enough, you might be able to carry out a bit more due diligence with a home inspection condition, or even keep a mortgage financing condition. 

Now for those who are looking to sell a property, you can make a significant impact by working with the right team to assist with preparing the property to show its very best, while implementing an effective custom marketing plan and also launching to the market with the right pricing strategy. 

This wraps up our Spring market update.

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