Happy February! We had a great start to 2024! Despite the winter weather and the higher than usual borrowing rates, January’s 4,223 sales were 37% higher than January 2023. The desire for home ownership remains high! Unfortunately, while the number of new listings was up, they were only up 6%, highlighting tighter market conditions and raising the spectre of bidding wars to come. When? Well, it has already started to a lesser degree, but will really become headline news as the Bank of Canada starts cutting its borrowing rates, likely in the second half of 2024.

Toronto real estate prices reflect immigration to Canada. As our population continues to increase, and the government's lack of response to keeping housing at a level to satisfy demand, prices will continue to rise.

If you are considering upgrading your current home, or looking to purchase an investment property, it’s not too late, there are still great real estate opportunities! If you have a child who will be entering university in a few years, perhaps a pre-construction condominium might be the right fit.

Give me a call, let's chat!

Have a great February Everyone!