CONDO MARKET TRENDS:

Market Trends:

✅ Sellers are back in the game. With the possibility of future interest rate cuts on the horizon, many buyers who were on the fence are now more confident to jump back in. This surge in buyer interest has encouraged sellers to return to the condo market in larger numbers. So if you've been thinking of selling your condo, now might be the perfect time to take advantage of this renewed demand.

✅ Significant rise in condo listings, especially as we gear up for the fourth quarter of 2024 and early 2025. This increase in supply is great news for buyers, offering more options and potentially more negotiating power.

✅ Despite the influx of new listings, condo values have remained surprisingly resilient. In fact, 86% of the markets examined are still seeing gains, which is a positive sign for those looking to invest or sell their condos. It shows that the demand is still strong, and condos continue to be a solid investment.

✅ Now, let's talk about Alberta! This province has seen a surge in condo sales, particularly in Edmonton and Calgary. The in-migration from other parts of the country has driven a strong demand, making Alberta one of the hottest condo markets in Canada right now. If you're considering investing in a different market, Alberta is definitely worth a look.

✅ Finally, we're noticing a slowdown in investor activity in most markets. This shift means that end users—people who are buying condos to live in rather than rent out—are currently in the driver's seat. With less competition from investors, there’s a better supply of condos to choose from, especially in high-demand areas like Toronto and Vancouver. So if you're looking to buy a home for yourself, this could be a great opportunity to secure a condo at a good price.

✅ The average condo price in Greater Toronto for 2024 is sitting at $732,648. This represents a slight decrease of 1.9% year-over-year.

✅ This dip in average price could be an opportunity for buyers who were previously priced out of the market. With prices cooling slightly, you may have a better chance of getting into the condo you’ve been eyeing, especially if you’re a first-time homebuyer.

✅ In 2024, we've seen 16,786 condos sold across Greater Toronto. However, that's down 8.1% compared to last year. This decline in sales volume could indicate that some buyers are holding back, possibly waiting to see if interest rates will drop further. But it also means less competition if you’re ready to buy now, giving you a bit more negotiating power.

✅ So, what do these numbers really mean for you? If you're a seller, pricing your condo competitively is key in this market to attract serious buyers. And if you're a buyer, this could be your moment to take advantage of a slightly softer market and potentially find a great deal before the anticipated demand picks up again.

✅ As always, real estate is local, and every neighbourhood in the GTA has its own unique trends. If you're thinking about buying, selling, or investing in a condo, reach out to me for a personalized consultation. I'm here to help you navigate the market with confidence.

FEATURED PROPERTY: 423 GUILDWOOD PKWY TORONTO, ONTARIO, CANADA, M1E1R3

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LOWEST MORTGAGE RATES:

VARIABLE: 5 YR HIGH RATIO P‐.95%

5 YR CONVENTIONAL P‐0.70%

FIXED 1 YR: 5.59%

FIXED 2 YRS: 5.34%

FIXED 3 YRS: 4.19%

FIXED 4 YRS: 4.44%

FIXED 5 YRS: 4.14% (High Ratio)

FIXED 5 YRS: 4.19% (Conventional)

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