Real Estate Market Update | November 2024
November's real estate market in the Greater Toronto Area was mostly stable, after a dramatic increase in activity this past October. Overall, buyers and sellers experienced tighter market conditions this November compared to the same time last year. Home sales are up year-over-year, but compared to October 2024, sales are down by a small degree. A slight slow down in market activity is typically expected at this time of the year, as we endure the winter months and approach the holiday season. The GTA experienced some price growth recently, with average selling prices up 2.6% compared to last November. However, on a month-over-month basis, prices edged slightly lower in most GTA market areas, most notably Toronto with a 7.3% decline in average prices between October and November. Still, average selling prices are well below their peak but continue to slowly improve over time. The increasing buyer demand in the last quarter of 2024 continues to persist. With reduced inflation, lower borrowing costs, and monthly mortgage payments trending down, the stage is set for an accelerating market recovery in 2025. It is clear that the GTA has already seen indications of improving market conditions, which will continue for the foreseeable future. Housing inventory is still relatively elevated, but is now being absorbed at a more rapid rate. Detached homes in Toronto and the 905 have experienced the greatest amount of price growth within the last 12 months, beating inflation in most areas. Demand is strongest in this segment of the market. In contrast, the condo market is still experiencing declining prices and lower buyer demand, especially with smaller investor built units. To see how your real estate plans are affected going into the new year, contact me! To see how prices have been affected in your area, please click the link below to get access to TRREB's November Market Statistics for all areas in the GTA. The stats are broken down by average sales price, number of homes sold, number of new listings, and average days on market for each property type; detached, semi-detached, townhouses, and condos. https://trreb.ca/wp-content/files/market-stats/market-watch/mw2411.pdf If you want to know more about what is happening in your specific area, you can book a call with me by clicking the link below. https://calendly.com/davidrizzuto/consultation-call?month=2024-12
Home Safe Home: Must Know Home Security Tips
Now more than ever, home security is an extremely important topic that residents throughout the GTA and abroad should take seriously. Here are some of the best home security tips that you may not have thought of: Consider your home's lighting. Installing motion sensitive lights outside your home, specifically near doorways, is one of the simplest ways to deter burglars. Criminals don't want to be easily seen attempting to break in at night. If you are away from your home for a long period of time, consider setting up light bulbs inside your home on timers. Different lights should turn on and shut off throughout the day to make it appear that someone is home when you are away on vacation, visiting family, etc. Change all of your locks when moving into a new home. You never know who the previous owner gave key copies to, or how many keys were lost. It is safest to change all locks immediately after moving in. Invest in a smart home security system. With today's technology, there are amazing home security products that do a great job of preventing or minimizing the severity of break-ins. A good system should be hard to tamper with, may connect to your phone with an app, and have comprehensive camera surveillance. Consider adding glass break sensors to all windows and glazed doors, especially on the ground floor. Don't leave spare keys outside your home in obvious places. In the mailbox, under the doormat, or in a flower pot are places burglars will check. Instead, install a smart lock with changeable codes, or keep a key in a secure hidden lockbox. A few extra things you can do to improve your home's security include; adding window security film (to make windows and sliding doors harder to shatter), using deadbolts on doors, replacing smaller door hinge screws with 3"- 4" ones that screw into the wood framing (to make it harder to kick down), and replacing double front doors with more secure single doors. As home invasions and burglaries become more common, now is the time to take the extra precaution and investment to secure your home.
The Market Is Heating Up! | Real Estate Market Update | October 2024
Home sales in the Greater Toronto Area dramatically increased this October, following a smaller increase the month prior. All market areas experienced an increase in home sales compared to September and compared to the same time last year. The most notable changes are in Toronto, York Region, and Durham Region - each reporting increases over 30% compared to September. Sales in the entire GTA saw a steep 44.4% increase compared to last year. Overall, these changes are contributing to recent tighter market conditions. It is clear that more buyers have decided to enter the market. With declining interest rates and relatively stable selling prices, buyers see the advantage of purchasing now. Housing affordability is growing for some buyers as the Bank of Canada continues to lower interest rates. However, prices are slowly starting to inch higher in some neighbourhoods. On a year-over-year basis, prices are up 1.1% on average in the GTA. Toronto and York Region saw decent price growth of 4.7% and 3.7% compared to last month. The number of new listings continues to grow, with a 4.3% increase recorded year over year. The GTA's heightened inventory, especially in the condo market, will keep price growth moderate in the coming months. Buyers still have a lot of choice, depending on the neighbourhood. However, with freehold homes, specifically detached in the 905, inventory is being absorbed quicker. Average days on market are coming down and selling prices are rising in this segment of the market. By spring 2025, it is expected that price growth will accelerate as more inventory is absorbed with the increasing buyer demand. Whether you are buying, selling, or investing, reach out to me to see how you can benefit from this changing market. To see how prices have been affected in your area, please click the link below to get access to TRREB's October Market Statistics for all areas in the GTA. The stats are broken down by average sales price, number of homes sold, number of new listings, and average days on market for each property type; detached, semi-detached, townhouses, and condos. https://trreb.ca/wp-content/files/market-stats/market-watch/mw2410.pdf If you want to know more about what is happening in your specific area, you can book a call with me by clicking the link below. https://calendly.com/davidrizzuto/consultation-call?month=2024-11
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