Oops, I was wrong! I predicted we would have 7,000 homes sold in June, and the actual amount was 6,213, close as they say but no cigar. Despite slower activity, buyers are out, and they are buying. In June, the average home sold for 100% of the asking price within 20 days of pricing the home at market value. More interesting information is that the average home price, after the first 6 months of 2024, was $1,130,744, up .4% since the start of the year, signifying that prices are not dropping the way naysayers have been predicting.

Let me be clear, those are average prices! Several segments of the market are not holding up as well, and thus great opportunities exist in the marketplace today. Condominiums in 416 are down .9% year over year and down 2.6% in the 905 area. There are also a lot of condos for sale, a 6-month supply, vs other home types with only a 3-month supply. Put a different way, only 1 out of 6 condos are selling vs 1 out of 3 other types of homes are selling. This represents a great opportunity for first time buyers, those looking to downsize and those who are looking to purchase investment properties. If you have a child who will be moving out to live downtown while they go to university, now might be a good time to explore your options.

We at Re/Max Realtron have a 24/7 appointment booking service, open 24 hours per day, 7 days a week, to make sure we never miss an opportunity to book an appointment for our sellers. When the market was busier in February, March, and April, we averaged 640 appointments booked on our listings per day. In June, we averaged,620 appointments a day. In other words, there’s lots of activity in the market, buyers are looking to buy!

If you are looking to buy, know that not only is there a good supply of homes available, but great opportunities exist in the market. Don’t get stuck on the sidelines because interest rates will drop, and the market will get hot again!

If you know of anyone thinking of buying or selling, I would appreciate you referring me, I will take extra good care of them! If you have any questions, please feel free to call and let’s chat, after all you have a friend in Real Estate!

Have a great July

Call me if you have any questions, I would love to chat!
416-560-4468