Can you believe we are already halfway through 2024?!We are starting to see a bit more activity in the market. In May we saw an increase in active listings and new listings. We expect the momentum
May 2024 Market Update!
Dated: June 13 2024
Views: 37
Can you believe we are already halfway through 2024?!
We are starting to see a bit more activity in the market. In May we saw an increase in active listings and new listings. We expect the momentum to continue to pick up at a slow & steady pace as we move forward into the second half of 2024. In certain pockets and micro markets around the GTA we are starting to see multiple offers and bidding wars come back into the picture. This shows that there are a lot of people that are still keeping an eye on the market and looking for an opportunity to make a move. Thankfully, we haven't been seeing much of the prices skyrocket in relation to the multiple bids. Most the time when the home sells on offer day, it sells at, or around the market value.
Earlier this month, on June 5th, we heard from the Bank Of Canada about their decision on the interest rates. As I'm sure you know they have reduced the overnight rate by .25% to 4.75%. This is the first rate cut in 4 years! This is a good indicator of the changes in times, we are now moving into an era where we see interest rates going down rather than going up like we have been accustomed to in previous years. Even though it might not do much for your pocket or mortgage qualification, this rate cut will help bring some confidence back into the market. We are hoping to see another one or two rate cuts by the end of 2024 as alluded by the BOC.
Ossy Okoyomon
Hello, I am Ossy Okoyomon, Sales Representative. I am goal-oriented, energetic and passionate about helping people. I am a strong supporter of personal development and like to use every experienc....
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