The latest housing market stats are in, and here’s the scoop:

•The average home price climbed to $977,833.

•Homes are staying on the market for around 38 days before finding a buyer.

•Listings are up 17.5%, with Toronto seeing a sharp 20.2% jump in average prices.

•A total of 288 homes were sold last month through the MLS.

2024: A Year of High Borrowing Costs

It’s no secret—2024 was a challenging year for buyers. High interest rates dominated the conversation, putting pressure on affordability and keeping sales below historical norms. However, the market showed resilience, finding a much-needed boost in the latter half of the year when the Bank of Canada stepped in with rate cuts. Two substantial back-to-back reductions gave buyers and sellers some breathing room.

This relief wasn’t just about cheaper borrowing costs. It also sparked renewed interest from buyers who had been sitting on the sidelines, waiting for the right moment to jump back into the market.

2025: A Glimmer of Hope?

As we turn the page to 2025, the outlook is shaping up to be more buyer-friendly. Additional rate cuts are on the horizon, which could bring borrowing costs down even further. Home prices, still sitting below their historic peaks, might offer buyers some wiggle room.

The lending environment is also evolving. Changes to guidelines, such as extended amortizations and the ability to shop for better rates without facing a stress test, are opening up new possibilities. These updates could give both first-time buyers and seasoned homeowners more flexibility and choice in navigating the market.

What Does This Mean for You?

Whether you’re thinking about buying, selling, or simply exploring your options, 2025 could offer opportunities worth considering. The mix of lower rates, evolving lending rules, and more stable pricing could create a window of possibility.

If you’ve been sitting on the fence, now might be the time to reassess your plans. The market is constantly shifting, and a strategy that worked last year might need some fine-tuning today.

Thinking about making a move? Let’s talk. Whether it’s a quick question about what these changes mean or a deep dive into your housing goals, I’m here to help.

Reach out when you’re ready—no pressure, just a conversation.

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