March 2024

2024 has certainly had a great first quarter, many homes at all price points selling quickly with some owners receiving multiple bids.  First time buyers waiting for interest rate cuts may have to exercise more patience as the Bank of Canada doesn't appear to be making any changes soon.

Selling price numbers are still healthy with detached 2-storey and bungalows averaging $2,236,815 and $1,766,000, respectively. Year over year they were down approximately 2.5% and 9%.

Detach split level homes rose 4% to $1,598,125.  Condo apartments fell 3.5% to $740,528.  Freehold townhomes were down 1% to $1,161,941.  Not so bad.

And as we roll into April a number of homeowners are continuing to market their properties to induce more than one Offer, either by setting a future date to review any/all Offers or, allowing sufficient time to reply to any Offer that materializes.

The rental market saw 84 leases during the month ranging from $1500 for a townhouse basement apartment to $9500 for and executive recently built home in Southwest Oakville.

Feel free to contact me with any questions that you may have at

"kevinmconroy55@gmail.com" or, text/call 905-330-9197

Happy Spring!

February 2024

Turned out to be a very active month with positive results for sellers.

Prices were up with detached 2-storey homes and bungalows selling on average for $2,520,009 and $1,511,053, respectively.  That's up 14% and 16% in one year!  

The ultra luxury segment, those selling above $3,000,000 saw 33 sales this February.  Almost three times as much as February 2023.

Condo apartments average $865,439 up over 4% from a year ago.  Even the average sale price for a condominium Stacked TH was $710,750.

Time to sell took on average 33 days.  That's about a week longer than February 2023

Other home styles sales averaged as follows:

Freehold THs $1,266,467 / C-THs $1,010,300 / Semi-detached $1,628,250 / Links $1,315,000

and Split level homes averaged $1,906,333 

The rental market was also very active with 166 transactions compared to 69 a year ago.

It was also nice to see some of the lingering properties from last Fall find buyers this year.

It looks like it will be a very busy Spring with a lot of sellers coming to market to satisfy the waiting buyers.

January 2024

From the outset it appears that home prices should gain some traction this year.  Many homes and apartments that were lingering on the market since last Fall have been selling this year.  There is definitely steam in the market with increased showings and increased sales.   A number of properties that were listed or, re-listed in January, sold in January.  Also a number were for older building and larger condo apartments which typically are picked up by seniors.

Interest rates have settled and will likely start to go down by Q4 this year or Q1 next year.  New job data has risen relative to recent years, unemployment remains low and immigration is steady. 

Here's a closer look at the year over year average numbers;

                                                       January 2024                       January 2023.         % Change

Det 2-Storey                                   $2195737                              $1854938.              +18

D Bung                                           $1359571                              $1341500.               + 1

D Split level                                   $1390000                              $1502500.                - 8

Semi-Det                                        $1156412                              $1096500.                +5

F - TH                                            $1141667                               $923500.                 +23

C - TH                                            $856333                                $866300.                  - 1

C - Apts                                          $785400                                $1460167                 -86*

* 2 Ultra luxury condo sale totalling $8.3mm skewed the numbers. The current average sale price is more normal.

As you can see most housing styles are up, as are the number of sales volumes with 95 this January compared to 84 a year ago.  With an extra day in February this trend should continue.

At the moment we have 248 properties available for sale and 123 for lease.  So there is some choice.  Expect the for sale numbers to increase as we journey out of Winter into Spring. 

As always feel free to reach out with any of your questions 905-330-9197.

HAPPY NEW YEAR!

December 2023

Happy New Year!

This December had almost 20% more detached 2-storey homes sell than one year ago and a dozen of those sold above the $3,000,000 mark.  That resulted in a significant jump in the average price to $2,645,486.  That's back in the Spring market of 2022 territory.  Two years ago in December 2021 the average sale price was approximately 8% or, $200,000 less, and last year the average sale price was below $2 million.  

You should know that there are some changes in place as to how we now conduct our business in the Province of Ontario. 

Effective December 1, 2023 Ontario Realtors and Brokers are now governed under the Trust in Real Estate Services Act or, TRESA 2002  essentially a name change and replacement of the former REBBA 2002 (The Real Estate Business and Brokers Act which was enacted in 2002).  Consumers can find an Information Guide summarizing the changes at www.Reco.on.ca. 

One of the big changes is that sellers, during a hot market while entertaining multiple bids, can now decide to disclose details of the Offers to all the bidders; Items such as price, conditions, closing date ... The seller can also start with a blind bid process and switch to sharing the contents process during the presentation of the Offers.  A buyer, on the other hand, who prefers not to allow their bid to be public knowledge can write a condition in their Offer not permitting the seller to share their Offer contents with other bidders or,  revoke their Offer if the seller insists on doing so.

At the end of the day this more public process should prevent the winning buyer from (excessive) over bidding as they would now likely know the second highest bidders offer amount, and bid accordingly. 

Feel free to contact me at 905-330-9197 to discuss these changes further at your convenience.

It's nice to know that interest rates will start to come down later this year.  Some owners will still have to sell due to the increase in carrying costs at their time of renewal.  There are hundreds of millions of dollars in mortgage money up for renewal this year and in 2025.  These forecasted interest rate cuts may not be enough to allow many home owners to stay in their homes. The banks and mortgage brokers are working with homeowners who are struggling to try and keep their homes, to come up with some creative financing.

November 2023

Hello and thank you for visiting my site.

Not many properties changed hands during the month with less than 100  property sales and 50 lease transactions.  Yet consumers are still moving and there are currently 400 homes and condo's available for sale.  And most people looking have some choice with many neighbourhoods and streets experiencing a buyers market. ie. having more than one option.

Forty-five of the November sales were for detached 2 storey homes which had an average sale price of $1,988,267.  Year over year that is down less than 1%.

Bungalows average sale price was $1,325,818 almost 14% below November 2022.

Condo apartment sales averaged more than double the figure of a year ago with an average sale price of $1,532,000.  Four of the 19 apartment sales achieved over $2,000,000 and two of those sold above $4.5 million. Henceforth the big year over year jump.

As I write this article it is interesting to note that the stock market has rebounded over the last few days. I expect this roller coaster ride will continue into 2024.  As long as consumer equity at the end of the day is on a positive upward trend, then that will be good for real estate.

It looks like interest rates will hold their current levels into the first half of 2024.  This should give some confidence to some perspective buyers in the new year to continue on with their housing plans and go ahead and make a move that they would like to make.  First time buyers will likely hold off until interest rates start to fall which may not occur until the end of next year and into 2025.  Move up and move down buyers and sellers can continue on with their plans at the start of 2024.

I would be happy to answer any questions that you may have.  Feel free to contact me at 905-330-9197.

October 2023

At the moment we have 462 properties for sale (all types) compared to 348 a year ago.  Buyers now have more choice and in most cases more time to make a decision on average.  While many markets are balanced, most sellers are having to be more patient and realistic when setting their asking prices.  Some sellers have attempted setting a below market list price to induce multiple bids without success while others sold their homes as expected.  

It's nice that interest rates have flat-lined for awhile but don't look for any relief/reductions until the second half of 2024.  And in the interim expect a bumpy ride.

Prices have performed as follows;

                                                Oct 2023               Oct 2022                        % Change

Detached 2-storey                  $2169150              $1866655                            +16

Detached bungalows              $1718272              $305000*                            - 77

Semi-detached                           n/a                      $1050000

Link                                           n/a                          n/a

Freehold THs                           $1287875               $1186176                          +8.50

Condo THs                               $793750                 $1053000                          -32

Condo apts                                $813444                $899652                            -10

* only 1 bungalow sold in October 2022 and down slightly from September 2023 $1757000 average.

A year ago October saw 63 properties lease, Sept 2023 had 46 and this October 2023 79.

September 2023

 Hello again,

Just like September 2022 we saw a number of properties that had not been selling during the summer, sell this month.  And a few ultra high-end sales were included in those sales. 

Year over year the numbers went like this;

                                                     2022                         2023                           Approx % change

Detached 2-storeys                      $2164500                 $2089020                         -5%

Detached bungalows                   $1666105                 $1757250                         +5%

Condo apartments                       $991810                   $810500                            -22%

Condo THs                                  $928125                   $1035555                          +11%

Freehold THs                              $1318461                 $1153974                           -14%

Semi-detached                            $1151375                  $1158250                           +1%

Link homes were not active this month.

The average time it took to sell a home was 22 days a couple of days faster that a year ago. So pretty good all things considered.

46 properties were leased during the month down from 58 a year ago and ranging in price from $2175 to $6700, the latter was for an executive home w/pool in Glen Abbey.  Eighteen of those leases were for condo apartments which had an average monthly rental rate of $2768.  Keep in mind that condo fees are usually buried in that number.

The market may cool off a little faster this year given the recent poor performance of the stock markets and the potential of another interest rate bump.  That said there are always people with life changing circumstances that can lead to a change in residence at any time of the year.