In this issue:
- GTA REALTORS® Release January 2024 Stats
- Toronto's real estate market roars back to life, ending short-lived buyers' market
- Pre Contruction Unit of the Month:
Milton Mile and Creek - Occupancy 2026
- New Listings :
Over 1000 Sq Ft 2 Bedroom by Square One and 3 Bedroom Townhouse in Lisgar
- Tips to Improve Your Credit Score
- Recipe of the Month :Baked Salmon with Grapefruit Salad
- Total Sales Activity 2023 VS 2024
- Events: Lunar Lights Festival, Auto Show, Kids Fest TO, Ramadan Expo, Modern Bride Wedding Show
- Pre Construction Mississauga
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GTA REALTORS® Release January 2024 Stats
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Home sales were up in January 2024 in comparison to January 2023. This annual increase came as some homebuyers started to benefit from lower borrowing costs associated with fixed rate mortgage products. New listings were also up year-over-year but by a lesser annual rate compared to sales. The resulting tighter market conditions when compared to the same period a year earlier, potentially points toward renewed price growth as we move into the spring market.
“We had a positive start to 2024. The Bank of Canada expects the rate of inflation to recede as we move through the year. This would support lower interest rates which would bolster home buyers' confidence to move back into the market. First-time buyers currently facing high average rents would benefit from lower mortgage rates, making the move to homeownership more affordable,” said TRREB President Jennifer Pearce.
There were 4,223 sales reported through TRREB’s MLS® System in January 2024 – an increase of more than one-third compared to January 2022. The number of new listings was also up year-over-year but by a lesser annual rate of approximately six per cent. Stronger sales growth relative to listings suggests buyers experienced tighter market conditions compared to a year ago.
On a month-over-month seasonally adjusted basis, both sales and new listings were up. Sales increased more than listings which means market conditions tightened relative to December 2023.
“Once the Bank of Canada actually starts cutting its policy rate, likely in the second half of 2024, expect home sales to pick up even further. There will be more competition between buyers in 2024 as demand picks up and the supply of listings remains constrained. The end result will be upward pressure on selling prices over the next two years,” said TRREB Chief Market Analyst Jason Mercer.
The MLS® Home Price Index Composite in January 2024 was down by less than one per cent year-over-year in January. The average selling price was down by one per cent year-over-year to $1,026,703. On a month-over-month seasonally adjusted basis, both the MLS® HPI Composite and the average selling price also trended lower.
“While housing market conditions are expected to improve with lower borrowing costs, there are still a number of policy issues that need to be addressed. At the federal level, more reflection on the Office of the Superintendent of Financial Institution (OSFI) mortgage stress test is required, especially to its application at different points in the interest rate cycle. The focus for the Province needs to remain on building 1.5 million new homes. At the municipal level, raising property taxes without consistent support from the federal and provincial governments won’t eliminate Toronto’s structural deficit. Helping first-time homebuyers get into the ownership market will ease movement across the entire spectrum and relieve pressure on the rental market,” said TRREB CEO John DiMichele.
Click here to read more
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Toronto's real estate market roars back to life, ending short-lived buyers' market
Toronto's real estate market has roared back to life, ending the short-lived buyers' market that followed a sluggish fall season that hit a multidecade low for sales.
Home sales were up in January by 37 per cent compared to the same time last year and new listings increased by 6.1 per cent, a Tuesday report from the Toronto Regional Real Estate Board (TRREB) said.
The sales-to-new-listings ratio is now at 50 per cent, meaning the GTA is in a balanced market. (Anything below 40 per cent is considered a buyers’ market, below 40 a buyers' market and above 60 per cent a sellers' market.)
"We had a positive start to 2024. The Bank of Canada expects the rate of inflation to recede as we move through the year. This would support lower interest rates, which would bolster homebuyers' confidence to move back into the market," said TRREB president Jennifer Pearce in the report.
Sales increased more than new listings since December, the report said, indicating that mark conditions are tight.
"There's an improvement on the demand," TRREB chief market analyst Jason Mercer told the Star. "We did see growth in new listings but not as much as sales. The improvement in sales though could prompt more new listings getting sellers into the market."
Once the Bank of Canada actually starts cutting its policy rate, likely in the second half of 2024, expect home sales to pick up even further, Mercer said.
"There will be more competition between buyers in 2024 as demand picks up and the supply of listings remains constrained. The end result will be upward pressure on selling prices over the next two years."
The average selling price in January 2024 was $1.02 million, slightly below January 2023’s $1.03 million, the report said.
Prices for detached, semi detached and townhomes increased year-over-year by 0.8 per cent, 1.08 per cent and 0.5 per cent, respectively, while condo prices dropped 0.6 per cent.
However sales increased for all property types with condos seeing a 41 per cent jump year-over-year, after it was knocked down in the second half of 2023 due to over-leveraged investors off-loading their units.
"The condo market is the entry point into home ownership for first-time homebuyers," Mercer said. "We've seen strong increases in average rents over the last year, which could prompt more people to buy as the gap between rents and mortgage costs narrow. And that will free more rental units, which isn't a bad thing."
While January sales are still below the 10-year average, he said, activity will continue to increase month over month until the spring market.
"We'll see more sellers enter the market aiding in new listings but we still don't have enough housing to meet demand," Mercer said. "It will result in very tight market conditions as the Bank of Canada cuts rates."
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Pre Contruction Unit of the Month
Milton Mile and Creek - Occupancy 2026
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Builder : Mattamy
Suites: 180 suites
With Sixteen Mile Creek rolling through the
landscape, Mile & Creek Phase 3 is surrounded by
verdant protected greenspace. In the final phase
of this master planned condo community.
$5,000 on Signing
Bal to 2.5% in 30 days
2.5% in 90 days
2.5% in 180 days
2.5% on May 1, 2025
5% on Occupancy
Price: $766,990
Maintenance: Condo Fee - $0.60/sf
Address: Milton, ON
Bedrooms: 2
Bathrooms: 2
Parking: Included
Apx Sqft: 743
Call/Text: 647-388-5950 for more information
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Brand New Listings
Over 1000 Sq Ft 2 Bedroom by Square One
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Welcome to this stunning 1100+ sqft unit in the heart of Mississauga. This bright & spacious split-bedroom unit features an open concept living & dining area, modern kitchen with stainless steel appliances & a large den that can be used as an office or kids play area. Enjoy the unobstructed sunset views from your private balcony or relax in your primary bedroom with a 5-piece ensuite & stand-in closet. This unit has been freshly painted throughout and upgraded with new marble countertop bathroom vanities & modern LED light fixtures. Enjoy the convenience of having cable tv and internet included in your maintenance fees. This building offers great amenities including a gym, indoor pool, sauna, party room, concierge, squash and tennis courts, visitor parking & more! The location is unbeatable - just steps away from Cineplex, Square One Mall, Highway 403, and Heartland Shopping Center. Don't miss this opportunity to own this amazing condo in a prime location.
Price: $629,900
Maintenance: $896.23
Address: Rathburn & Confederation
Bedrooms: 2+1
Bathrooms: 2
Apx Sqft: 1000-1199
Call/Text: 647-388-5950 for more information
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3 Bedroom Townhouse in Lisgar
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Discover Living With This Stunning,2 storey Freehold Mississauga Townhome, Ideally Situated In One Of Mississauga's Most Desirable Locations & Cul De Sac & Family / Child Safe Neighborhood. Step Into Meticulously Designed Space Featuring A Welcoming Foyer, Setting The One For The Home's Impeccable Layout. Enjoy The Versatility Of Separate Living/Dining & Family Room, Offering The Perfect Blend Of Practical & Functional Layout. Upgraded Kitchen With Granite Countertops & Centre Island, Combine With Breakfast Area. Spacious Bedroom's, Including A Large Master With A 5pcs Ensuite & His/Her Closets. Finished Basement With Separate Entrance Through The Garage. Extended Driveway To Park 2 Cars+1Garage Space (Total 3 Parking's) & No Side Walk. Freshly Painted, Roof 5 Yrs Old, Door & Windows 3 Yrs Old, Furnace 6 yrs Old, A/C 4 Yrs Old, Garage Door 1 yr Old, 3 New Toilet Seats, Freshly Painted Custom Deck In The Backyard, Closets Organizers In All The Bedroom's.
Price : $959,000
Address: Derry & Ninth Line
Bedrooms: 3
Bathrooms: 3
Call/Text: 647-388-5950 for more information
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Tips to Improve Your Credit Score
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Check Your Credit Report: Look for errors.
Pay Bills on Time: On-time payments are crucial.
Reduce Credit Card Balances: Keep balances low.
Keep Old Accounts Open: Helps your credit history.
Limit New Credit Applications: Minimize hard inquiries.
Diversify Credit Mix: Have different types of credit.
Set up Payment Reminders: Avoid late payments.
Negotiate with Creditors: Discuss payment options if needed.
Be Patient: Improvement takes time and consistency.
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Baked Salmon with Grapefruit Salad
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1 (¾ pound) salmon filet
½ teaspoon sea salt
Freshly cracked black pepper, to taste
4 cups spring mix salad greens
1 avocado, cubed
1 large grapefruit
Honey Mustard Vinaigrette, for serving
Lemon wedges, for serving
Instructions
Preheat the oven to 350°F with a rack in the center position. Line a rimmed sheet pan with parchment paper.
Place the salmon on the prepared sheet pan and sprinkle with salt and pepper to taste.
Bake until the fish easily flakes with a fork, about 12 to 15 minutes (depending on thickness).
Meanwhile make the salad. Using a small paring knife, trim the tops and bottoms off the grapefruit so they sit flat. Carefully trim the peel off just enough to expose the fruit while removing as much of the white pith as possible. From here, either supreme the fruit by cutting out each wedge from the membranes or slicing into rounds.
Divide the salad greens onto 4 plates. Top with avocado and grapefruit. Drizzle with the vinaigrette.
Divide the salmon into two pieces, discard the skin and place one piece on top of each salad.
Serve with lemon wedges alongside.
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