Beverley Glen and Whilshire Thornhill Vaughan

Real Estate 1st Quarter sales report 2024

Detached, Attached and Condos 

Real Estate Market Synopsis

Ideally when we want to compare how a market is doing we should compare it to the same time period of another year, i.e. winter market to winter market. This is exactly what we have done, so we can now compare the present market to that of last year. Traditionally the spring market is the best market of the year, as I think last years will be. So lets check how we are doing this year.....

When we look at the average number of sale, the average number of sales increased by 13% from 32 sales on average to 36 homes sold.  The price went down on from $1,152,471 to $952,461, a drop of 17%. The active listings (or inventory of listings) increased from 23 homes to 72 homes this year. There were on average 57 more listings taken in this quarter than in 2023. There were 69 new listings in 2023 and 121 new listings taken the first quarter of this year. They did sell 1 days slower than in 2023  with 26 days then and 27days this year. This year houses sold for closer to asking at 100% of asking. So what does this mean?

First lets keep in mind that the average price in this area also includes the towns and condos as well as the larger executive homes. Therefore the average price appears lower than it should be for the size homes in the area, probably because more smaller or towns sold than larger homes.

What does all this mean? Well, this does follows the laws of suppy and demand in a way but not totally, when supply goes up, prices and demand usually goes down.   Supply was up, and price did drop. Many consumers were still on the side lines waiting  to see what was going to happen with the economy and if interest rates would still go up again. Buyers confidence was still not there.  Usually when there is less than 4 houses available for sale for every house sold, it is considered to be a sellers market. When there is 4 - 6 houses available for every house sold, it is considered to be a balanced market. If there is over 6 houses available for every house sold then it is considered to be a buyers market. So to confirm, what we experienced this first quarter was a sellers market leaning to a more balanced market with 2-3.5 houses available for every house sold. However because of the continuous rate hike the market did not react as it would have normally. Prices were slightly down;  number of sales were slightly up by 13%; houses took longer to sell and they sold for asking. It was a great time to buy for those that were waiting for prices to return to lower prices and could still  qualify for the new interest rates. For sellers that were prices right and had their houses marketed correctly usually got asking price or above.

What we still know:

Many foreigners were still getting a huge discount on the price of housing due to our lower dollar. We had a good economy compared to what was/is happening elsewhere in the world. The Baby boomer's children are now of age to buy homes(Condos). There is a low rental rate of homes. High immigration levels and these people need places to live. Why wouldn't people invest in our housing market? It was a solid investment sure to go up over time. It may not be a time to  " get rich quick "  but over time it was a sound investment paying the best return. 

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