Hey everyone! It’s time for the latest real estate market update, and there have been some significant shifts you’ll want to know about. Let’s dive into the numbers to keep you in the loop.

Home Prices on the Rise

First up, the average home price has seen a notable increase, now sitting at $1,103,727. That’s up by 4.3%! If you’ve been thinking about selling, this is great news as home values continue to climb.

Homes Selling Faster

Homes are selling faster too, with the average time on the market now approximately 20 days before an offer is accepted. This quick turnaround is a clear indicator that demand remains strong.

Increased Listings

There’s also been a substantial increase in the number of homes listed for sale, up by 27.9%. Interestingly, in Toronto alone, the increase is more modest at 12.3%. This uptick in listings provides more options for buyers, making the market a bit more competitive.

Steady Sales Activity

Last month, 552 homes were sold on MLS. This steady flow of transactions highlights a promising market for both buyers and sellers.

Market Balance on the Horizon

With the recent announcement from the Bank of Canada, the market is expected to become more balanced. This pivotal moment could lead to increased activity, making it an exciting time for those looking to enter the market.

Do these stats change your plans? If you’re curious about how these changes might affect you, send me a DM. I’m here to help you navigate the market and make informed decisions.

Cheers,

Feel free to reach out if you have any questions or need more details about the market!