In the current real estate market, we're seeing an interesting dynamic unfold. New listings are outpacing the number of sales, this is giving buyers more options and is therefore putting downward pressure on average sales prices. This is particularly evident in the condo market, where an increase in inventory has led to lower sales prices. If you've been thinking about getting into the condo market, now might be the perfect time. This window of opportunity won't last forever.
With the latest decrease in interest rates and the potential for further cuts, there is a possibility we might see a shift in the market this fall. However, our outlook suggests that while we may see more activity, it will likely be a gradual. We don't anticipate significant movement in prices until next spring once inventory has levelled out, which means the market will likely remain buyer-friendly or balanced until then.
It's important to note that the entry-level condo market is currently feeling the most pressure, which has a unique effect on average prices. As more top-end listings make up a larger portion of sales, the average price can appear skewed. This is why it's crucial to look beyond the statistics and consider all the factors at play. The average price might actually be a bit lower than it appears when factoring in the broader market dynamics.
For buyers, the current market conditions present a unique opportunity. We don't expect to be in this position for much longer, so now is the time to act. If you're selling and buying, we can help you maximize your buying power while staying within your budget. And if you're solely focused on selling, it's never been more important to present and position your property effectively to get the best possible price.
Whether you're looking to buy, sell, or both, we're here to help you navigate the market and make the most of the opportunities available. Let's bring your dreams home!
Following the incredible deluge of rain that fell in the City of Toronto last week, many people were impacted with flooded basements and water damage. However, rain isn’t the only way that our homes can be damaged by water, burst pipes and water leaks can also result in flooding.
Here are a couple of articles about protecting your home. - “Helping clients prevent costly surprises: How to avoid water damage and maintain insurance coverage”. RealEstateMagazine.ca
- City of Toronto: Basement Flooding Protection Subsidy Program - “During heavy rain, the sewers can become overloaded. It is essential that homeowners take appropriate action to reduce the risk of basement flooding. Owners of a single-family, duplex, triplex or fourplex residential home can apply online for a subsidy of up to $3,400 per property to install flood protection devices. Eligible work includes: installation of a backwater valve; installation of a sump pump; severance and capping of a home’s storm sewer or external weeping tile connection. Disconnecting the downspouts from your property’s eavestrough system is not eligible for a subsidy.” Check your eligibility for the program at: Toronto.ca - Basement Flooding Protection Subsidy Program
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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of the PropTx MLS®. The data is deemed reliable but is not guaranteed to be accurate.
