April 8, 2024 | Vol. 21 |
We will take a look at market trends, home tips and tips on what to expect for the BOC rate announcement this Wednesday, April 10. Over the last quarter, market dynamics have steadily improved. Many buyers have become accustomed to the elevated interest rate landscape. Concurrently, homeowners expect a favourable shift in market conditions come spring. This expectation likely accounts for the significant rise in new listings we've observed this year. Should variable rates start following fixed rates and decrease, we can anticipate further growth in sales, the swift absorption of new listings, and conditions that will drive up prices. Whether you're a tenant, a landlord, or a homeowner, we aim to provide insightful content for all. Additionally, we invite you to join us NEW TIME this Saturday at noon via Zoom (reply to request Zoom link) for more details on market trends and to answer your questions. |
*Join Us on Saturday, April 13 at 12 pm Zoom Market Update and Q&A* ** Follow @MoRealtyTeam for daily market updates** |
Home Tip Checklist |
The rain is here, and it is crucial to follow these tips to keep your home in top shape. A/C Cover: This is a reminder to remove your A/C cover and clean any debris on it. If the unit is dusty, spray it with hose water to keep the fins on the side clean so they work optimally. Inspect the Garden: Check for any winter damage to plants, structures, or pathways. Trim back any damaged or dead branches. Gutters: Ensure all the gutters are free of debris, intact and water is coming down the spout and away from the house (ideally 10ft away).
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Family Friendly Event |
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Art on the BrainDiscover these inspiring works curated by the Brain Injury Society of Toronto. This exhibition illustrates the challenges, creativity, strength, resilience and talents of people living with brain injury.Where: Clark Centre for the Arts 191 Guildwood Pkwy, Scarborough, ON M1E 1P5, Canada Cost: Free |
March Market Glance |
  LDOM: Listing Days on Market; PDOM: Property Days on Market (more important) Charts Explained |
In March 2024, we saw 6,560 transactions via GTA's MLS System, marking a 4.5% decrease from March 2023. However, there was a 15% increase in new listings compared to the same month last year. When looking at the data on a seasonally adjusted basis for the month, sales experienced a slight decrease of 1.1%, while new listings saw a 3% reduction from February. Active listing rose as we were seeing supply start an increase to normal levels, creating more balanced market conditions. Some pockets are still hot and are in seller market territory, while other pockets are better for buyers. As the need for both ownership and rental housing grows, ensuring an adequate supply remains a critical concern. Government bodies at every level must concentrate on finding creative ways to boost the quantity and variety of available housing to enhance affordability. This effort should involve eliminating barriers to unconventional housing arrangements, like co-ownership models, which can offer significant advantages to various groups, including first-time homebuyers and seniors, and providing more incentives to help people enter the market. |
*Join us on Saturday, April 13th at noon Zoom Market Update and Q& ** Follow @MoRealtyTeam for daily market updates** | ||||||||
Market Rates | ||||||||
Mortgage Rates as of April 6, 2024:
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Economic Update
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BUYER STRATEGY WITH CURRENT HIGH RATES:
Consider houses with separate entrance basements (can rent 1-bedroom basemen | ||||||||
