Month over Month April to May Year over Year 2023-2034
Sales are slightly down Month over Month, new listings are up by 9.4% and average price is slightly up at 0.8%, days on market remain the same. Year over year stats tell a broader story! Sales are down 23%, new listings are up 19%, average price is down 2.5% and days on market is up. Digging into the first quarter though, the year showed some positive energy with an impressive number of luxury sales as well as the average priced detached market. The biggest story is the condo market though. Sales are down considerably as an influx of listings have flooded the market. Investors are unloading their units. As a condo buyer this is where the opportunity lies, more inventory to choose from and an opportunity to negotiate on price (not always of course but in general – supply vs demand). In June the Bank of Canada dropped interest rates by 0.25% to help with affordability and this is the start of more to come in the coming year. The rate change is a bit of relief but buyers are not yet roaring back into the market just yet – there needs to be more rate drops to make purchasing more affordable, especially for first time buyers. Sellers are encouraged with an uptick in listings but buyers are being cautious. More choice, less buyers typically results in a softening of prices (house type, location are all factors to take this a general comment).
There’s a lot to unpack in the current GTA Market, it varies dramatically by region and house type. To learn more and for an in depth analysis, please reach out to me for answers to your questions. I have the data, information and insight to assist you. As always, no pressure or sales tactics, just good solid information.
Royal Lepage Forecasted Activity for 2024 year ahead
2023 was a roller coaster with plenty of ups and downs. Overall sales volume was the lowest level in the past 20 years with approximately 65,000 units sold. This is a dramatic drop from the last few years that saw record highs. Condo sales were very sluggish, many investors started to unload their rental properties.
More than ever you must have an experienced Realtor working for you! A Realtor that understands the dynamics of the current market and understands the nuances of your neighbourhood and areas of interest. You need to work with an experienced full time Realtor, one with boots on the ground all day, everyday. One that has strong analytical, negotiation and communication skills. One that provides the right Comparative Market Analysis (CMA) on properties in your area, has strong project management and quality marketing, someone who can help navigate the process.
I’ve been a Realtor for 20 years and have worked in all types of markets. I’ve seen a lot and know a lot and can assist by providing quality insights, strategic thinking and sound knowledge. You should always receive a detailed analysis on whats happening in your neighbourhood and area of interest. If we need deeper information on an area outside of my core base area I will bring in one of my trusted Realtors from that area utilizing my wide range of contacts throughout the GTA and Ontario.
I pride myself in taking very good care of my clients. This is important work and you must have someone you can completely trust with the very best representation with no pressure, only guaranteed reliable professional service.
I would love to speak with you further, please reach out to me and we’ll get the conversation started.
Terri Perras
