In January, sales increased by 10% compared to December, with 5,971 units sold. While there was a 10.7% drop compared to January 2024, this monthly increase is a great indicator that the market is improving. Additionally, the average price of a property in Toronto is around $1,025,000, making it more affordable than during the peak market days of 2022.
Market Recovery is UnderwayHome sales in January increased by 10% compared to December, signaling a recovery after a slowdown. Take advantage of this momentum before prices start rising again in the coming months.
Low Interest Rates (3%)The Bank of Canada has lowered interest rates to 3%, making mortgages more accessible. By buying now, you can secure a lower rate than in the future, which means a lower overall cost for your property in the long run.
High Demand for PropertiesToronto continues to see steady population growth. The city’s population is expected to exceed 3.1 million by 2026, which will increase the demand for housing. By buying now, you’re taking advantage of future demand and a potential increase in property value.
Toronto’s Real Estate Market is Attractive GloballyWith economic uncertainty in the U.S., many international investors are seeking stable markets like Toronto. This could lead to an increase in demand and drive property values higher in the coming months.
Opportunity to Negotiate with SellersThe competition is not yet at its peak, which gives you the advantage of negotiating better prices and terms with sellers. Take advantage of this window before the competition intensifies, as it often does in the spring.
Why It’s Important to Act Now
While the market has had its ups and downs, current conditions show a solid recovery, with still-affordable prices and favorable interest rates. Buying now allows you to lock in a property before prices rise and competition increases in the next few months.
I’m here to help you find the perfect property and take advantage of these favorable conditions to make a smart investment. Let’s connect and make your real estate goals a reality!
Sources:
Toronto Regional Real Estate Board (TRREB)
Bank of Canada
Government of Canada Statistics
Zillow and Realtor.ca Market Reports
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