There are great opportunities out there in the real estate market. Be positive.

The Greater Toronto Area (GTA) has a dynamic real estate market with plenty of opportunities for buyers, sellers, and investors. Here are some key insights:

• Market Trends: The GTA has seen a significant increase in new property listings, with a 48.6% rise compared to last year. This means buyers have more options and potentially better negotiation power. When buyers have more power, they can negotiate their way to a good deal, and they have time to do their due diligence. In other words, they will not take the risk of buying a home without a home inspection and other clauses that will protect the buyer. There are numerous cases where homes are taking longer to sell, sometimes as long as 6 months with successive price decreases.
• Interest Rates & Affordability: The Bank of Canada recently reduced its benchmark interest rate to 2.75%, making borrowing more affordable. This could lead to increased home sales and a slight rise in average selling prices. In addition, lending institutions are cutting their mortgage rates to get their market share. There is a trend of the Bank of Canada cutting rates for the remaining year.
• Condominium Market: Condo sales have declined, but an oversupply of new units (around 31,000 expected in 2025) could create opportunities for buyers looking for competitive pricing. Condos are its own market and has seen pricing pressures since rates have gone up last year. Moreover, condos that were built 3 to 5 years ago are about to come on the market, which will create more supply of condos. The result, more condos pricing pressures giving the buyer the advantage. This is an opportunity for buyers to buy, especially first-time buyers.

Are you looking for a specific type of property or investment strategy? I can help narrow down options! Feel free to reach out to me.