March 2024
Dear Friend,
Spring is in the air! Buyers were out enjoying the springlike weather and buying homes! Realtors sold 5,607 homes in February, up 17.9% over February 2023, and the average price edged up slightly by a little over 1% to $1,108,720. While some have celebrated that more listings came on the market, the listing inventory stands at 9,643, 2 homes for sale for every buyer. Buyers in March are experiencing less choice and stiffer competition when buying, which always results in higher prices.
Keep in mind that these are average numbers. The GTA is a large market area with many types of neighborhoods, styles of homes and price ranges. There remain great opportunities in the market today and I believe we all realize, prices will continue to increase in the years to come. The GTA is growing as we experience a great economy and continued immigration from abroad as well as from other parts of Canada. What many do not realize is that those children born since 1995, Gen Z, represent 20% of the population. They have already started to move out on their own, putting further pressure on the rental market! Have you noticed how rental rates have increased sharply? With a lack of supply, prices can only go up.
As the saying goes, have you bought your land yet? We are not making any more!
Give me a call. Let’s explore the opportunities that exist today and see if they may help you and your family have a better future.
Have a great March!
Your Friend in Real Estate.
P.S. If you know of someone thinking of buying or selling, please let me know. I will take extra good care of them!
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