October marked a significant change for the real estate market in the GTA with the number of sales being 44% higher than a year ago and the number of homes available for sale dropping. These indicators highlight the effect of the drop in borrowing costs, allowing more buyers to qualify while increasing affordability.

6,658 homes sold in October (at an average price of $1,121,871) and with 24,481 homes currently for sale, means the average buyer has a choice of 4 homes available to them. The bottom line although speculative is that  the real estate market has bottomed out. Expect the number of sales to increase while we continue to see a reduced number of homes available for sale.  Rules of supply and demand dictate that prices are set to increase. It’s all too familiar, isn’t it?

While the above numbers reflect averages, the real estate market is very sensitive to location and price range. The higher cost of borrowing impacted both the lower price range, as first-time buyers could not qualify, and the high-end luxury market where higher borrowing costs made trade-ups ill advised.

I believe that as we go through the winter months, and borrowing rates continue to drop (expected), more buyers will get into the market. We can also expect sellers on the sidelines to become more active so determining where that balance will be is difficult at this time.

Projections are for about 20,000 sales over the next 3 months and as we get further into 2025, increased demand and lower inventory of homes for sale will put upward pressure on prices.

If you have been waiting for things to improve, or the market to bottom out, now might be a good time to start investigating your options. Let me help you crystalize a plan through subjective analysis of your objectives. Answering your questions and showing you the opportunities will help you confidently and methodically move forward. Don’t be stuck in limbo because you don’t have the right answers, let me help you strategize and get it right.

If you or someone you know is unsure, please call me, your friend in real estate. I am here not just to make it happen, but to....

....To Make A Difference FOR YOU!!

To A Good Life!

Sam

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