Greetings everyone,
Welcome back to Week 23 of our Real Estate Update! As we wind down the year and embrace the festive season, we’re here with a brief yet insightful update on the market trends and what lies ahead.
🎄 **Festive Season and Year-End Reflections:**
As Christmas approaches next week, it’s hard to believe we’re at Week 23 and closing in on 2024. We hope everyone is in good spirits during this joyful time.
🙏 **Thank You for Your Support:**
Firstly, a heartfelt thank you to everyone for your ongoing support. If you find our videos valuable, consider giving us a thumbs up, sharing, and subscribing to our YouTube channel.
💼 **Bank of Canada and Federal Projections:**
Let’s delve into the latest from the Bank of Canada and Federal announcements. While there’s talk of possible rate cuts in the States next year, the Bank of Canada suggests a challenging first half of 2024. The second half, however, holds promise, possibly influencing the spring market.
🏙️ **Downtown and Surrounding Areas Analysis:**
Turning our attention to downtown and surrounding areas, we observe a noticeable decrease in active listings, particularly in condos—almost 300 listings in the past two weeks. This suggests a potential reduction in inventory for the next month. Buyers, take note: current listings present a limited window of opportunity, especially with sales remaining steady.
🌆 **Anticipating the Spring Market:**
Expectations are high for the spring market, with pent-up demand due to low inventory throughout the year. While the small window for lower prices may narrow, the anticipation of rate cuts could further fuel demand. Keep an eye on inflation numbers as they play a crucial role in maintaining a balanced market.
📉 **Area-Specific Insights:**
– **Don Mills, Leaside, Mount Pleasant, Young and Eglinton:**
– Active listings down, reflecting seasonal trends.
– Sales are relatively flat, expected during the holiday season.
– **Durham Area:**
– Significant decrease in active listings, especially in Freehold properties.
– A slight slowdown in condo listings, but an uptick in condo sales presents opportunities for investors.
🎁 **Holiday Wishes:**
As we approach Christmas, we want to extend our warmest holiday wishes to everyone. We appreciate your engagement, and if you have specific areas or home types you’d like more detail on, feel free to reach out. You can schedule a call with us via the link in the YouTube video bio.
🎊 **Looking Ahead:**
Our next video will likely be after Christmas, so until then, Merry Christmas, and we hope you found these market insights valuable. Wishing you all a joyous holiday season!
WB- Week Before
Downtown & Surrounding areas
Housing Average Price-$ 1,782,988 WB – 1,469,707
Active Listings – 462 WB-528
Sold firm –32 WB- 41
Month on inventory – 1.98 WB- 2.27
Average Days on Market-34 WB-20
Condo Ave Price-$811,518 WB- $732,692
Active listings-2,195 WB- 2,368
Sold firm-42 WB –53
Months of Inventory- 4.17 WB – 4.50
Average days on market-37 WB-33
Don Mills Area-
Housing Average Price- $1,032,933 WB – 1,287,500
Active Listings – 62 WB- 66
Sold firm –3 WB – 2
Month of Inventory – 3.32 WB- 3.54
Average Days on Market- 17 WB- 44
Condo Ave Price- $531,975 WB – $790,000
Active listings- 74 WB – 82
Sold firm- 4 WB – 3
Months of Inventory – 2.87 WB- 3.18
Average days on market- 39 WB – 53
Leaside, Davisville, Mount Pleasant, Young & Eg
Housing Average Price- $2,234,667 WB – $2,058,644
Active Listings – 106 WB-126
Sold firm – 9 WB- 9
Months of Inventory- 2.21 WB- 2.63
Average Days on Market- 31 WB – 20
Condo Ave Price- $692,380 WB- $624,055
Active listings-282 WB-297
Sold firm-5 WB-11
Month of Inventory- 3.70 WB- 3.90
Average days on market- 31 WB – 32
Durham ( Pickering, Ajax, Whitby)
Housing Average Price- $948,927 WB – $916,139
Active Listings – 1,282 WB- 1,386
Sold firm – 73 WB – 96
Month of Inventory – 2.04 WB- 2.21
Average Days on Market- 29 WB- 26
Condo Ave Price- $592,231 WB – $638,778
Active listings- 249 WB – 268
Sold firm- 13 WB – 9
Months of Inventory – 2.30 WB- 2.47
Average days on market- 23 WB – 21
