Team Compton Market Recap – Will the Real Estate Market crash in 2024?!?

Today, we’re delving into a topic that’s been buzzing in the real estate world: Will the Toronto market crash in 2024? Let’s explore this and more!

**The Market Outlook**

To address the headline, I’ll be straightforward: I don’t foresee a crash happening this year. However, there are several factors causing uncertainty and volatility.

In recent weeks, we’ve noticed some shifts in the market. We’re seeing more listings, which is positive, though not enough to meet demand. Buyers, on the other hand, seem a bit cautious, likely due to ongoing news, such as the government’s proposed capital gains tax changes.

The looming deadline of June 24th for this tax change may prompt a surge in listings, particularly for properties like cottages, as sellers aim to list and sell before the new rules come into effect.

**Challenges in Construction and Inventory**

Another issue impacting the market is the slowdown in new construction. Despite efforts by the provincial government to incentivize builders, many are still holding back. This could have long-term repercussions on our housing supply, potentially leading to significant price increases down the road.

**Interest Rates and Market Activity**

Looking ahead, much of the market’s direction hinges on the Bank of Canada’s rate decisions. Once rates are lowered, I anticipate heightened activity as buyers who’ve been waiting for this change re-enter the market.

However, waiting isn’t always advantageous. With more competition expected post-rate cut, some buyers may miss out on current opportunities due to increased demand.

In our weekly recap of key areas:

– **Downtown & Surrounding Areas:** Active listings are rising, indicating a potential increase in inventory, which could benefit buyers.

– **Don Mills & Leaside:** We’re seeing a slowdown in sales but a pickup in active listings.

– **Durham Region:** Prices continue to rise steadily, reflecting ongoing market trends.

As we navigate the coming months, keep an eye on interest rate announcements and government policies, which play critical roles in shaping market conditions. While I’m cautiously optimistic about the market’s stability, there’s no denying the complexities and uncertainties we face.

If you have questions or concerns about how these factors may impact your home search or investment plans, please don’t hesitate to reach out. We’re here to provide insights tailored to your needs.

Thank you for reading. If you found this update helpful, please like, share, or comment. Your support means a lot to us!

Here’s to navigating the real estate landscape together. Have a great day!

Bye for now. 🏡

WB- Week Before

Downtown & Surrounding areas 

Housing Average Price-$1,684,131    WB – 1,568,081

Active Listings – 553       WB-518

Sold firm – 67     WB- 76

Month on inventory – 2.32        WB- 2.18

Average Days on Market-12      WB-13

Condo Ave Price-$ 843,282    WB- $829,187

Active listings- 2770     WB- 2614

Sold firm- 103    WB –128

Months of Inventory-5.17     WB – 4.88

Average days on market- 27       WB-22

Don Mills Area- 

Housing Average Price- $1,536,250   WB – $1,838,400

Active Listings – 64    WB- 62

Sold firm –4       WB –2

Month of Inventory – 3.06     WB- 2.96

Average Days on Market- 17       WB- 9

Condo Ave Price- $619,500     WB – $664,500

Active listings- 107      WB – 99

Sold firm- 2     WB – 6

Months of Inventory – 4    WB- 3.7

Average days on market- 5      WB – 58

Leaside, Davisville, Mount Pleasant, Young & Eg 

Housing Average Price- $1,993,456     WB – $2,502,094

Active Listings – 143     WB-127

Sold firm – 16     WB- 19

Months of Inventory- 2.90       WB- 2.57

Average Days on Market- 11      WB – 19

Condo Ave Price- $736,708      WB- $860,849

Active listings- 336     WB-327

Sold firm-24      WB-14

Month of Inventory- 4.2      WB- 4.13

Average days on market- 32       WB – 24

Durham ( Pickering, Ajax, Whitby)

Housing Average Price- $992,665    WB – $1,003,675

Active Listings – 1463    WB- 1347

Sold firm – 195    WB – 174

Month of Inventory –2.18      WB- 2.01

Average Days on Market- 12      WB- 13

Condo Ave Price- $625,960     WB – $642,943

Active listings- 260      WB – 255

Sold firm-30     WB –30

Months of Inventory –2.33     WB- 2.29

Average days on market-26       WB – 26

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