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
