Take advantage of this turning point in the Toronto real estate market. Make a wise move with the help of a licensed realtor, like me.

The Toronto Regional Real Estate Board (TRREB) has indeed reported a resurgence of buyer activity in the housing market, which can be attributed to several factors. A significant contributor is the recent decrease in interest rates, which has made mortgages more affordable and attractive to potential home buyers. Lower borrowing costs often encourage more people to enter the market, including first-time buyers who may have been waiting for more favorable conditions.

More Bargaining Power
In addition to this, the surplus of inventory in the Greater Toronto Area (GTA) has provided buyers with a wider range of options and more bargaining power. More available properties typically lead to increased competition among sellers, potentially creating opportunities for buyers to negotiate better deals. This combination of factors — reduced mortgage rates and greater property selection — is making the current environment especially appealing for buyers across various housing categories, from single-family homes to condos.

More Buyers Returning to the Market
For sellers, this return of buyer demand means it may be a good time to list properties, as there is a greater chance of selling at competitive prices. September 2024 marks a turning point in what's been described as a sluggish spring and summer market. Month-over-month, September home sales increased 8.2 per cent. In May, sales rose 3.56 per cent — the last month-to-month increase before declining in the summer.

Great Opportunity to Enter the Market or Trade Up
Although sales increased year over year for all property types, from a 10.5 per cent increase for detached, 12.6 per cent for semi-detached, 14.3 per cent for townhomes, condos saw a negligable increase of only 0.8 per cent. As such, there's a larger than normal inventory of condos listed and that represents a huge opportunity for buyers to enter the market or trade up to a larger unit. Right now and for many months to come, the condo buyer has more bargaining power than ever before. An opportunity like this comes once in a blue moon. The shrewd buyer will recognize that it's the best time to buy.
Making your next move
Home ownership is a big decision. Enlist the help of an experienced and patient realtor to help simplify and guide you through every stage of your journey.
Working with Donald
Donald's real estate practice began in 2013, buying, selling and leasing residential and commercial properties across the Greater Toronto Area and the province of Ontario. Working closely with buyers, sellers, and landlords, Donald combines a decade+ of experience, attention to detail, fully bilingual service, and strategy, with a sunny, practical disposition. Clients respond very positively to his full-service approach to real estate transactions, where his clients' satisfaction matters most.
Reach out to Donald Bilodeau, experienced realtor with Sutton Group-Associates realty Inc., a reputable brokerage based in Yorkville.
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