The real estate market is changing once again.
This month’s email is brief but important, shedding light on the latest developments in the GTA housing market. It’s yet another pivotal moment, and if you’re considering a move, don’t hesitate to reach out.
Opportunities may arise sooner than expected, and we’re here to ensure you secure the best deal possible before the market fully rebounds. Let’s work together to get you the ideal outcome.
Here are 6 interesting facts after the first month of 2024.
- After 6 months of Buyer’s market, we’re back into a seller’s market to start the year. Since summer, fixed mortgage rates have declined and there’s a belief that the Bank of Canada won’t raise interest rates further. This has led many buyers to return to the housing market. The Toronto real estate market in January has seen an uptick in activity.
- There was a significant increase in sales. Sales went up 37% from last January! Houses saw a 13% rise, and condos experienced a 29% uptick.
- The growth in new listings was substantial. Houses up 53%, while condos increased by 51.5%.
- The Months of Inventory (MOI) for houses dropped to 1.87 in January from 3.76 in October. For condominiums, the inventory level exceeded 5 months between September and December but decreased to 3.52 in January.
- Despite the heightened demand, there hasn’t been a significant immediate increase in price (either average or median) in GTA. However, in Mississauga, low-rise homes have seen a 5-15% increase in prices and condos are seeing a decrease in price.
- If the demand from buyers continues to surpass new listings, we may witness more multiple offers and a rise in prices.
Email or call us to get insights on your neighbourhood stats or an up-to-date appraisal of your home.
📱Phone: 647-504-0690
📧 Email: steven@mistersauga.ca
*Your Trusted Partner in the GTA Real Estate Journey*