Week 20- Affordability Challenges continue

Hey everyone!

We’ve hit a milestone—20 weeks of keeping you in the real estate loop! Thanks for sticking with us. This week, let’s dive into some key insights:

📉 **Inflation Rates:** Last week, the inflation rate dropped to 3.1%, a positive sign. This might influence the Bank of Canada’s decision on interest rates, expected to be announced next week. Keep an eye out for potential rate cuts in midsummer of 2024, impacting the spring market.

 💸 **Affordability Challenges:** Despite the dip in inflation, mortgage affordability remains a challenge. Stats reveal a 54% affordability rate, the highest in over 30 years. As more renewals approach, some may find it tougher to hold onto their properties, especially if rents don’t cover mortgages.

 🌆 Area-Specific Insights:

**Downtown & Surrounding Areas:**

– Active listings declining, especially in condos.

– Uptick in condo sales, possibly cash buyers taking advantage of opportunities.

– Prices decreasing in freeholds, increasing in condos.

 **Don Mills:**

– Market stable, slight decreases in both active listings and sales.

– Average days on market for condos relatively high at 45.

 **Leaside, Mount Pleasant, Young & Eglinton:**

– Stability in both freehold and condo markets.

– Active listings decreasing on the freehold side.

 **Durham Area:**

– Slowing down in active listings for both freehold and condos.

– Slight decrease in active listings, understandable given the area’s size.

🤔 **What’s Next:** Keep an eye on the market’s ebb and flow, especially as we approach midsummer and potential rate cuts. We’re here to help navigate these changes!

👍 **Your Support Matters:** If you found this info helpful, give us a like and subscribe! If you’re curious about your specific area or property type, reach out through the calendar link in our bio.

Thanks for being part of our journey! 🏠✨
                                                                                                                                       WB- Week Before 

Downtown & Surrounding areas 

Housing Average Price-$ 1,359,636    WB – 1,416,875

Active Listings – 661      WB-685

Sold firm –33      WB- 48

Month on inventory – 2.85         WB- 2.95

Average Days on Market-22      WB-17

Condo Ave Price-$857,728     WB- $773,496

Active listings-2,674     WB- 2,726

Sold firm-72     WB –55

Months of Inventory- 5.04    WB – 5.14

Average days on market-33        WB-31

Don Mills Area-  

Housing Average Price- $1,698,000    WB – 1,178,333

Active Listings – 84    WB- 85

Sold firm –5       WB – 3

Month of Inventory – 4.75     WB- 4.81

Average Days on Market- 30      WB- 26

Condo Ave Price- $703,375     WB – $540,000

Active listings- 100      WB – 103

Sold firm- 4     WB – 2

Months of Inventory – 3.71    WB- 3.82

Average days on market- 45      WB – 31

Leaside, Davisville, Mount Pleasant, Young & Eg

Housing Average Price- $1,900,688     WB – $1,475,188

Active Listings – 155     WB-163

Sold firm – 8      WB- 8

Months of Inventory- 3.21        WB- 3.37

Average Days on Market- 19   WB – 21

Condo Ave Price- $700,001      WB- $670,833

Active listings-324    WB-323

Sold firm-7       WB-6

Month of Inventory- 4.29     WB- 4.28

Average days on market- 32       WB – 28

Durham ( Pickering, Ajax, Whitby) 

Housing Average Price- $906,206    WB – $950,720

Active Listings – 1,593    WB- 1,619

Sold firm – 111     WB – 99

Month of Inventory – 2.53     WB- 2.57

Average Days on Market- 20      WB- 19

Condo Ave Price- $562,400     WB – $659,050

Active listings- 293      WB – 297

Sold firm- 15     WB – 10

Months of Inventory – 2.72    WB- 2.76

Average days on market- 23      WB – 20

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