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.