Tuesday, August 6, 2024 / by Evelyn Lopes
Market Watch Report | JULY 2024: Key Insights for Buyers and Sellers in the GTA
The Toronto Regional Real Estate Board has just released its July Market watch Report.
Here are some highlights from the report and more importantly, how they effect you. Whether you're looking to buy or sell, this report offers valuable insights to help you navigate the current real estate landscape.
Keep in mind Real estate is local.
So don’t forget to check out this month’s market watch report below, to find out what is happening in your neck of the woods. I have compiled specific data for communities.
And if you Want to learn more, …such as how prices are doing in your specific neighbourhood, for your specific housing type and price point? If you are Wondering what things, you can do to increase the value of your home as well as what upgrades to avoid. If you want to know exactly how much money you will have in your pocket after expenses…
Reach out for a complimentary discovery call!
Key Highlights from the Report
For Sellers:
- Increased Competition: The number of new listings has surged by 18.5% compared to last year, leading to a more competitive market.
- Longer Days on Market: With higher inventory, homes are taking longer to sell as buyers have more choices.
- Price Adjustments: The benchmark home price has decreased by 1.2%, now averaging $1,097,300. This brings prices roughly back to where they were in October 2021.
For Buyers:
- More Choices: Increased inventory provides a wider selection of homes.
- Improved Affordability: Lower selling prices and interest rates make buying more affordable than a year ago.
- Timing is Key: With recent rate cuts and potential future reductions, now is an excellent time to get pre-qualified and start your home search.
Detailed Analysis and Insights
For Sellers: Higher inventory levels mean that buyers have more options, making it essential to position your home effectively in the market. This includes ensuring your home shows well, is competitively priced, and is aggressively marketed. Gone are the days when homes sold quickly regardless of their condition. Now, it's crucial to make your property stand out to attract potential buyers.
For Buyers: The current market conditions provide a unique opportunity. With more homes to choose from and better affordability, it's a great time to buy. However, as more buyers enter the market, inventory levels will decrease, potentially driving prices up again. Getting pre-qualified for a mortgage and starting your search now can put you in a strong position to find your dream home.
Access the Full Report and Video
To help you understand these trends better, we've made the full July Market Watch Report and an expert analysis video available to you.
Upcoming Interest Rate Announcements
Keep an eye on the upcoming Bank of Canada interest rate announcements:
- September 4th
- October 23rd
- December 11th
These dates could bring further rate cuts, which may positively impact the market.
Final Thoughts...
Real estate is local, and understanding what's happening in your specific area is crucial. This report provides a comprehensive overview of the GTA market, but for more detailed, neighborhood-specific information, feel free to reach out for a complimentary discovery call. We can help you make the best decisions for your situation.
?? Contact us today for personalized advice and to discuss your real estate goals.
#TorontoRealEstate #MarketWatch #GTARealEstate #HomePrices #BuyerOpportunity #RealEstateTrends
Stay informed, stay ahead, and let's navigate the real estate market together!
